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Chinese firm Bluesky in C$2.1b deal to buy InnVest
Deal will give Bluesky a stake in some of Canada's most historic hotels
Add BT as a preferred sourcePublished Wed, May 11, 2016 · 09:50 PM
Toronto
BLUESKY Hotels & Resorts Inc, a closely held company backed by capital from Hong Kong, agreed to buy InnVest Real Estate Investment Trust for C$2.1 billion (S$2.2 billion), giving the Chinese firm a stake in some of Canada's most historic hotels and beachhead for expansion in North America.
Bluesky will pay C$7.25 a share, the companies said in a statement on Tuesday. That's a 33 per cent premium to Tuesday's closing price of C$5.47 for Toronto-based InnVest, including debt.
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