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InnVest, KingSett Buy Stake in Toronto’s Royal York Hotel

A group of investors including InnVest Real Estate Investment Trust bought a majority stake in Toronto’s historic Royal York Hotel for C$186.5 million ($166.4 million).

InnVest and KingSett Real Estate Growth LP entered into a joint venture to acquire an 80 percent interest in the Fairmont hotel which was built in 1929, the companies said today in a statement. The remaining 20 percent will be held by Ivanhoe Cambridge Inc., the real estate arm of the Caisse de dépôt et placement du Québec, the hotel’s current owner.