Newport Beach-based MIG Real Estate is expanding into Canada with its purchase of the 177-room Courtyard Marriott Downtown Edmonton in Alberta.
The acquisition is a milestone for the real estate investment firm; it marks MIG Real Estate's first transaction outside its primary markets in the Western U.S., and it's the fourth hotel the company has purchased in the last year.
“This acquisition expands our direct holdings beyond the U.S. border and lays the foundation for MIG to enter new markets as we grow and diversify our portfolio,” said Greg Merage, MIG Real Estate's CEO.
The 11-story property is the first Marriott-branded destination for the company, and it is located in the city's business district. The property gleans its clientele from business travelers – particularly those associated with the petroleum industry – local government offices and the nearby University of Alberta. Concord Hospitality Enterprises will be retained as operator of the hotel.
MIG Real Estate has completed more than $250 million in acquisitions in the past two years throughout Arizona, California, Colorado, Hawaii and Nevada. Its recent hotel purchases include the Hotel Highland in Phoenix, and the Holiday Inn & Suites and Holiday Inn Express in Colorado.
“We are focused on acquiring well-located, quality product within our primary target markets," said Merage, "as well as certain new geographic areas, to capitalize on an increase in sales activity and a growing opportunity for value-add investment.”
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