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.
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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