Cadbridge Investors—a division of the Caisse de dépôt et placement du Québec and Westmont Hospitality Group—and InnVest Real Estate Investment Trust are buying Legacy Hotels.
The all-cash transaction is valued at approximately $2.5 billion, including debt.
“This acquisition provides us with an important ownership platform in this industry, combining talented people, well-known brands and an irreplaceable collection of hotel real estate,” says Fernand Perreault, the Caisse’s executive vice-president, real estate. “We look forward to working with management and the hotels.”
Legacy’s portfolio of assets will generally be allocated with Cadbridge owning the large Fairmont-managed hotels and InnVest owning primarily Delta hotels.
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