Keyword: InnVest Real Estate Investment Trust
New Castle is building on its current portfolio of seven hotels in Canada with its newest partner, Toronto-based Full-G Capital.
According to Colliers International, Canada's hotel transaction volume is expected to fall short of last year's $3.5 billion.
The deal will be funded by first-mortgage financing, cash on hand, proceeds from planned asset sales and availability under the REIT's existing liquidity facilities.
Rumors suggest that the former Starwood bidder may be connected to the major Canadian portfolio deal.
The purchase price is 2.1 billion Canadian dollars, or about $1.6 billion, including debt. The deal comprises 109 hotels.