In 2002, there were reportedly 56 hotels with a total of 6,297 guestrooms that changed hands across the country. The average price was approximately $80,000 per room. The largest deal was the 504-room Pan Pacific Hotel and the ±214,000 square-foot World Trade Centre in Vancouver, that was purchased by Westmont Hospitality for an undisclosed price; however the list price was $165-million.

The second largest deal was the 323-room Sheraton Suites Eau Claire in Calgary, which was purchased by the Legacy REIT for a reported $65-million, or $201,000 per room. This is one of the few hotels in this country that experienced an increase in occupancy and average room rate at year-end 2001 over 2000, even after the tragic events of September 11th.

Ontario led the country with 25 transactions, and almost $100-million in investment dollars. British Columbia led the country in terms of the total dollars invested. Canada as a whole had over $500-million in hotel investment in 2002, down from the almost $2.0-billion in 1997.

Alberta had eleven hotel transactions totalling over $112-million. The Sheraton Eau Claire sold for $201, 238 per room, while the other 10 properties sold for between $25,306 and $134,454 per room.

British Columbia also had eleven hotel transactions. The Harrison Hot Springs Hotel sold for $108,359 per room, while the remaining properties (not including the Pan Pacific) sold for between $24,069 and $117,000 per room.

Quebec had six hotel transactions totalling just over $66-million. The Delta Montreal sold for $106,000 per room with the remaining hotels selling for between $13,771 and $35,204 per room.  Saskatchewan reported having only one hotel transaction. The Quality Hotel in Saskatoon sold for $5.25-million or $28,226 per room.  Atlantic Canada had two hotel transactions totalling $28.9-million. The Howard Johnson in Saint John, New Brunswick sold for $31,250 per room and the Delta St. John's Hotel and Conference Centre in St. John's Newfoundland sold for $25.9-million or $90,877 per room.

Eight properties sold for over $10-million. These hotels represented over 65.0% of the total invested dollars in the country. The properties included the Pan Pacific in Vancouver, British Columbia, the Sheraton Eau Claire in Calgary, Alberta, the Delta Montreal, Quebec, the Harrison Hot Springs Resort and Spa, in Harrison Hot Springs, British Columbia, the Delta St John in Newfoundland, the Radisson Admiral Plaza in Toronto, Ontario, the Royal Canadian Lodge in Jasper, Alberta, and the Parkhill Hotel in Vancouver, British Columbia. Of the hotels that sold, 36 were properties with under 100 rooms, eleven hotels had under 200 rooms, and nine hotels had over 200 rooms.

The following table summarizes hotel transactions over the last eleven years.

A special thanks to; Bill Stone of Colliers; Denis Chevalier, AACI and Darul Machan, of the Altus Group; Angus G. Wilkinson, of Tyne Hospitality; Peter M. Lawrek, AACI, of Crown Appraisals; Ryan Gatschel of Glen Cowan and Associates; Jerry Kirkland, AACI, of Kirkland, Balsom & Associates; Rick Brunsdon of Brunsdon Martin & Associates; Greg Kwong and Germain Villeneuve of CB Richard Ellis; Paul Martin, AACI; Lyle Anderson, AACI of Royal Le Page; Terry Kerslake; AACI, Simon Laurie, Castelgar Realty, Rob Piper, Penwarden Appraisal; Tony Sevelka of International Valuation Consultant, and Todd Oeming of Oeming, Kennard, and Company.