- What The Residence Inn by Marriott Calgary Downtown/Beltline District has traded for $288,000/room
- Why Manga Hotel Group purchased the 390-suite hotel
- What next The property is the largest Residence Inn in North America
QuadReal Property Group has sold the Residence Inn Calgary Downtown/Beltline District for $112.25m, Green Street News can reveal.
Manga Hotel Group purchased a 100% freehold interest in the 390-suite hotel at 610 10 Avenue SW, for $288,000/room. CBRE led the deal, which closed on Aug. 22, alongside Scotiabank.
Residence Inn is a flag of Marriott International. Labour at the property is not unionized, and the hotel was offered unencumbered by a management agreement. The extended-stay hotel is managed by Atlific Inc.
The 33-storey property was built in 2019 and is the largest Residence Inn in North America. QuadReal developed the Residence Inn alongside a rental residential tower, which was not included in the transaction.
Amenities include Stable Tenth Avenue Café and Cocktail Bar, Hearth Room, a two-storey fitness centre and over 6,000 sq ft of event space. All suites have kitchenettes.
The Beltline District is known for its nightlife, shopping and restaurants. The Residence Inn is 1 km from the Calgary Tower, 2 km from the Scotiabank Saddledome and 11 km from Calgary International Airport.
According to CBRE, fundamentals in Calgary’s hotel market have been improving since the second half of 2022. Average daily rates have reached $221, surpassing the previous high-water mark achieved in 2014 and pushing revenue per available room above pre-pandemic levels.
Vancouver-based QuadReal is the real estate investment arm of British Columbia Investment Management Corp. and has over $77.6bn of assets under management. Dennis Lopez is CEO.
Sukhdev Toor is president and CEO of Manga Hotels. Headquartered in Toronto, the company’s portfolio includes 31 hotels in Canada and the U.S., as well as several residential properties and restaurants.
