InnVest Real Estate Investment Trust and Bluesky Hotels and Resorts Inc.announced that they have entered into an arrangement agreement pursuant to which Bluesky will acquire all the issued and outstanding units of InnVest for $7.25 in cash per unit, pursuant to a court-approved plan of arrangement.The proposed transaction values InnVest at approximately C$2.1 billion($1.6 billion), including the assumption of InnVest’s net debt.
“This transaction is a winning outcome for all stakeholders. The dedicated work of InnVest to improve its portfolio quality and strengthen its balance sheet has culminated in the crystallization of value that this transaction represents. Bluesky is aligned with InnVest’s strategic objectives for the portfolio, and I look forward to continuing to lead InnVest on the path of asset quality driven growth,” said Drew Coles, President and Chief Executive Officer of InnVest.
“Bluesky welcomes the opportunity to acquire the InnVest business,” stated Li Chen, the President and Chief Executive Officer of Bluesky. “We are impressed with InnVest’s hotel assets and its management team. This transaction is an investment that will establish a global platform from which Bluesky will continue to pursue growth opportunities in North America.”