- What AAA Hotel Ventures acquired the Best Western Plus Barrie
- Why The valuation for the 79-room hotel is north of $190,000/room
- What next The property is the second addition to the firm’s hospitality portfolio
AAA Hotel Ventures Inc. has acquired the Best Western Plus Barrie in Barrie, Ont., for over $15m, Green Street News can reveal.
An unidentified firm sold the property on June 10. The valuation for the 79-room hotel is north of $190,000/room. Windsor Family Credit Union provided acquisition financing.
The deal was subject to a management agreement, and AAA Hotel Ventures will continue to operate the property under the Best Western flag.
At 35 Hart Drive in Barrie, the hotel has an indoor pool, fitness centre, business centre and laundry facilities.
It’s 250m from Highway 400, and within 2km of Centennial Beach, downtown Barrie and Allandale Waterfront GO station. Wasaga Beach is 29km from the hotel, and Collingwood is 42km away. Barrie is 80km north of Toronto and 65km south of Muskoka Beach.
AAA Hotel Ventures, led by chief executive Vijay Gupta, invests in income-producing hospitality assets in regional markets across Canada. Its portfolio includes Travelodge Sarnia, which it acquired in August 2017. The firm intends to grow its hospitality footprint in Ontario.
