The Delta Victoria Ocean Pointe is a destination four-star hotel situated on Victoria's inner harbor. Amenities include 12,500-sf of meeting space in 13 rooms, restaurant, full-service spa, indoor pool and fitness center.

The purchase price is $34 million and includes the leasehold for two Vancouver restaurant properties, the Cannery Seafood Restaurant and the Fish House in Stanley Park. The purchase price represents a trailing capitalization rate of approximately 6%, according to CHIP REIT.

CHIP REIT executive vice president Kevin Grayston could not be reached Thursday for comment. CHIP REIT focuses on mid-market and upscale full-service hotels. The company currently owns and/or manages 31 hotels with approximately 7,300 rooms. In addition, CHIP REIT operates a large number of restaurants across its hotel portfolio on leased premises and has over $100 million in food and beverage revenue annually.