KingSett, InnVest close buy of 80 pct stake in Fairmont Royal York Hotel
Canadian real estate private equity firm KingSett Capital and InnVest Real Estate Investment Trust (TSX: INN.UN) have completed their previously announced purchase of a majority stake in Toronto’s Fairmont Royal York Hotel. The deal, which is priced at $186.5 million, gives the two investors a joint 80 percent interest in the property. KingSett, the managing partner of the joint venture, took the largest share. The selling party, Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, will retain a 20 percent investment stake in the hotel.
2 February 2015•4 mins read
