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Larco Selling 1,751 Hotel Rooms

VANCOUVER, BC-The locally headquartered company's offering consists of five properties--four in Ontario and one in British Columbia--unencumbered by management.

By Brian K. Miller | Updated on January 11, 2007

VANCOUVER, BC-Locally headquartered Larco Hospitality Inc. has retained Sonnenblick Goldman and Colliers International Hotels to sell 1,751 hotel rooms, which represents more than half of its total portfolio. The five-property package includes three properties in Toronto, one in Ottawa, and one in Richmond, BC.

The five properties are Marriott Toronto Bloor-Yorkville (285 rooms), Renaissance Toronto Hotel Downtown (348 rooms), Renaissance Toronto Airport Hotel (249 rooms), Marriott Ottawa (480 rooms), and the Richmond Hotel & Convention Centre (389 rooms). A couple of the assets in the portfolio have been built with service capabilities that exceed the number of rooms on the property because the properties include excess land for developing additional hotel rooms.

Rob Stiles of Sonnenblick Goldman tells GlobeSt.com the package represents the single largest sale of urban hotel assets unencumbered by management in the history of Canada. As such, it should solicit a much larger pool of buyers than would a portfolio with certain management requirements.

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