Since the Trust’s inception in mid-2002, the Trust has increased the number of rooms in its portfolio by over 65%, growing from 114 hotels in 2002 to 145 hotels currently. Today, InnVest REIT holds Canada’s largest hotel portfolio.
With every passing year, InnVest has enhanced the quality of its portfolio by increasing its presence in the full-service segment through acquisitions and adding newly built hotels. Below is a summary of the Trust's corporate transactions by year:
July: Initial public offering. Issued $410 million of equity and $75 million of 9.75% convertible debentures. Proceeds were used to acquire a portfolio of 114 hotels from the Whitehall Funds and the Westmont Group (11,551 rooms).
October: Whitehall sells its $75 million 9.75% convertible debentures through a secondary offering.
March: Acquired nine hotel properties from partnerships affiliated with the Whitehall Funds and the Westmont Group for $111.5 million (1,525 rooms). Hotels included eight Holiday Inns and one Quality Hotel.
March: Issued $46 million in equity and $57.5 million in Series A convertible debentures to partially finance the acquisition.
April: Acquired the Holiday Inn Dartmouth, Nova Scotia for $8.8 million (196 rooms).
March: Acquired the Oakville Holiday Inn Select and Conference and Banquet Centre for $28.5 million (144 rooms).
June: Acquired seven mid-market hotels for $85.3 million (1,196 rooms). The acquisition consisted of four Radisson Hotels, one Delta Hotel, one Holiday Inn and one independently branded hotel.
August: Acquired the Holiday Inn Express in Scarborough, Ontario for $10 million (140 rooms).
September: Sold three hotels.
December: The Whitehall Funds sold its remaining stake in InnVest.
March: Acquired the Comfort Inn in Leamington, Ontario for $3.3 million (62 rooms)
May: Issued $75 million of Series B convertible debentures.
June: Acquired four hotel properties through two separate transactions for a combined purchase price of $74.5 million (540 rooms). The acquisitions consisted of two Delta Hotels, one Hilton Garden Inn and one Homewood Suites.
June: Redeemed $75 million 9.75% convertible debentures.
September: Acquired two Hilton branded properties for $62.7 million (768 rooms).
January: Completed an internal corporate reorganization of the REIT.
March: Sold the Comfort Inn Miramichi for $2.4 million (69 rooms).
April: Sold the Travelodge Burlington for $4.7 million (116 rooms).
August: Issued $200 million in equity and $70 million in Series C convertible debentures to finance the acquisition of the Legacy Portfolio.
September: InnVest, in partnership with Cadbridge Investors LP, closed its acquisition of Legacy Hotels REIT. As a result of the subsequent reorganization, InnVest became the owner of 11 first-class assets for an aggregate purchase price of $652 million plus transaction costs (3,672 rooms). The acquisition consisted of 8 Delta Hotels, 2 Fairmont Hotels and one Sheraton Hotel.
September: InnVest acquired two mid-scale hotels at a combined purchase price of $31.5 million (233 rooms). The acquisitions consisted of one Holiday Inn Express and one Staybridge Suites.
March: Completed $390 million in financings. Proceeds were used to repay the bridge loan incurred and mortgage debt assumed as part of the acquisition of the Legacy Portfolio.
March: Acquired the newly built Staybridge Suites in Guelph, Ontario for $17.4 million (120 rooms), and completed the development and opened the Staybridge Suites in Oakville, Ontario (105 rooms).
August: Sold the Travelodge Toronto East for $6.7 million (155 rooms) and the Quality Inn Downtown Montreal for $6.2 million (96 rooms)
November: Sold the Travelodge Oshawa for $4.8 million (120 rooms).
April: Sold the Quality Suites Windsor for $4.8 million (128 rooms).
July: Sold the Comfort Inn Mississauga for $3.3 million (121 rooms).
October: Issued $50 million in public equity.
December: Issued $50.0 million in Series D convertible debentures.