REGINA – Hotel Saskatchewan is changing hands for the second time in just over a year.
InnVest Real Estate Investment Trust will purchase the iconic downtown hotel for $37 million, according to a press release the company issued Tuesday. The deal is to be finalized in September 2015.
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Temple Hotels acquired Hotel Saskatchewan for $32.8 million in April 2014. They began a three year, $6 million dollar renovation project including upgrades to its 224 rooms, dining room, lounge, and lobby.
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InnVest Real Estate currently owns 109 hotels across Canada.
Hotel Saskatchewan originally opened in 1927 as one of a chain constructed and owned by the Canadian Pacific Railway.
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