Concord Wilshire Capital Announces Sale Of Its Interest In Delta Hotel Centre-Ville, Montreal Canada
Los Angeles, California (August 30, 2013) – Concord Wilshire Capital (“Concord”) today announced that it, as of August 22, 2013, completed a sale of all of its interests in the 711-key Delta Centre-Ville hotel in Montreal to a joint venture led by Beaumont Partners, SA.
The Delta Hotel was contracted to be acquired by Concord and a US private equity group led by Concord from InnVest Real Estate Investment Trust (“InnVest”) (TSX:INN.UN). As part of the Delta Centre-Ville sale, InnVest, will continue to oversee the property and Delta will continue to manage the hotel until October 31, 2013, at which point, the hotel will be converted to student housing.
Commenting on the transaction, Nate Sirang, Executive Vice President of Concord said, “that the closing of the transaction with InnVest officially occurred on July 2, 2013, at which time, Concord sold and assigned all of its interest in the transaction to Beaumont Partners SA, which took title to Delta Centre-Ville in a joint venture with Campus Crest Communities, Inc. (NYSE:CCG). The joint venture paid approximately $60 million for the property, including closing costs, fees and reserves.
Concord and the US private equity group plan to continue to acquire assets in the student housing market in Montreal and other key locations in Canada.
InnVest is an unincorporated open-ended real estate investment trust which owns a portfolio of 134 hotels across Canada representing approximately 17,000 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
About Concord Wilshire
Concord is a recognized leader in residential, resort, and mixed-use real estate development and construction with over $4 Billion in total value of developed and acquired assets. Since 1992, Concord has been developing, constructing, and investing in distinguished real estate assets in major markets throughout the United States, including Las Vegas, Phoenix, and South and Central Florida. An award winning company, Concord has received an array of accolades for many of its developments throughout the nation, in recognition of its commitment to development, marketing, architectural design, and interior design. Concord has a successful and extensive track record that spans multiple investment cycles.
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