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2015 Canadian Hotel Investment ReportColliers International Hotels

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2 / 2014 Canadian Hotel Investment Report

• Introduction

The theme of increased domestic institutional capital follows recent special features that have covered:

• Investment Rotations & Motives (2014) – a glimpse at broad buyer/seller investment flows in Canadian hotel ownership.

• Real Estate Renaissance: Progressing Through a More Balanced Cycle (2013) – comparing and contrasting the current up-cycle to that of the previous growth period.

• Historical Perspective of the Hotel Debt Market in Canada (2012) – a retrospective review of the hotel debt market in Canada and how it has shaped the investment market.

• Canadian Hotel Real Estate Industry Ripe for Increased Cross-Border Ownership (2011) – as product becomes available, so will foreign interest.

If you would like to access these past features please visit www.colliershotels.com/reports.

A complete 2014 year-in-review of the hotel market market with a detailed analysis starts on Page 6. Transaction highlights include continued growth in

full-service segment sales which comprised over half (52%) of total volume for the year, as well as foreign groups purchasing the equivalent of 15% of the year’s $1.46 billion in volume over nine transactions. Sellers have increasingly been comprised of public companies as well as some pension funds that have been disposing non-core holdings to recycle proceeds for deployment to other investment opportunities, within the lodging sector or other asset classes.

Capital market conditions were relatively stable throughout the year, notwithstanding instability in the energy markets which transpired in Q.4. 2014. Debt financing remains competitive amongst a variety of lenders and is expected to remain cheap and plentiful through the medium-term. Strong resources of equity capital are available with a variety of investors eager to pursue opportunities both large and small across Canada.

Also featured is our 10-year historical Hotel Value Index with current year forecast (page 10/11), 2015 Outlook (page 12), as well as a complete listing of all 127 hotel transactions that occurred across the country in 2014 (as reported over $1 million) on pages 14/15.

We hope you enjoy the Report, and as always, we welcome your feedback.

marks the 20th edition of the Canadian Hotel Investment

Report. As is typical of our annual report, included is a special feature that is presented opposite and this year takes a look at the flow of domestic institutional capital into the Canadian hotel industry over the past two cycles.

2015

Special Feature •

All Grown Up: the Canadian lodging industry is experiencing sustained investment acceptance from a wide range of domestic institutional capital which has elevated the transaction environment into a consistent $1 billion+ market. This coming of age is explored over the next three pages.

Since the peak of the last cycle in 2007 we have gone through a recession and are currently in the middle innings of the growth phase. Both the economic and operating environment have shown continuous improvement since mid-2010. An increased appetite for hospitality assets amongst a diverse buyer pool has been a large reason why Canadian hotel transaction volume has registered at over $1 billion for eight years of the last decade (exceptions being 2009 and 2010), compared to just two of the years in the preceding decade (with volumes only surpassing the $1 billion threshold in 1997 and 1998 when the first three hotel REITs went public).

While private capital has traditionally comprised the most significant and consistent component to overall investment flow, the catalyst to increased activity has been the growing entrance of domestic institutional investors. This trend is expected to provide continued liquidity and increase the level of capital attracted to the hospitality sector over the medium- to long-term.

Notable investment themes have emerged:

• Opportunities first sprouted in the focused-service segment, notably in the first half of 2011 and have since remained an important piece of the transaction market. These newly built, quality branded hotels (such as Courtyard by Marriott and Hilton Garden Inn) are well located and “profit efficient” which is very attractive to institutional buyers.

• Starting in early 2013, larger full-service opportunities became available as the overall capital markets improved. These prime urban properties were largely purchased by institutional capital in a quest for yield, and provided an opportunity to diversify their portfolios and purchase landmark trophy assets.

Domestic institutional capital players have become progressively more aggressive as they increase their allocation for higher yielding real estate and take advantage of market opportunities. In addition, activity by foreign institutional capital is becoming a new source of capital to the Canadian hotel sector, in particular Chinese groups looking abroad for diversification and safety.

I N ST I T U T I O N A L CA P I TA L

Flows into the Canadian Hotel Real Estate Market

Colliers International Hotels / 3


• Special Feature

Follow The Money: Institutional Capital Through the Cycle

2006Holloway Lodging REIT and Temple REIT begin trading on the Toronto Stock Exchange. • 2,929-key Fairmont Canadian Resort Portfolio transacts to Oxford Properties Group for $1.7B from Colony Capital/Kingdom Holdings.

2008bcIMC acquires four properties totaling nearly a third of the year’s volume from the partnership that took Legacy REIT private ($331M).

2013Westin Canadian Hotel Portfolio sells for $765M from PSP Investments to a fund sponsored by Starwood Capital Group, backed by Middle-Eastern capital. • Morguard purchases 5-property Toronto Marriott select-service Portfolio for $70.6M from Lubert Adler Real Estate Funds and Concord Hospitality Enterprises. • Temple acquires 8 hotels for $172.1 million in five separate transactions throughout the year.

2014Holloway Lodging REIT acquires Royal Host Inc. (17 hotels) for $157M on an enterprise value basis • Northampton taken private by Deepak Ruparell (Silver Hotels Group) in a $40M transaction. • Orange Capital and KingSett Capital announce strategic investment in InnVest REIT with plans to accelerate growth. • Temple continues its acquisition mode, purchasing 7 hotels worth $149.6M throughout the year. • Hyatt Hotels Corporation disposes of the Hyatt Regency Vancouver to InnVest REIT for $140M • Hyatt also sells the Park Hyatt Toronto to Oxford Properties Group for $105M, marking the exit of Hyatt’s owned real estate portfolio in Canada. • Fortis Inc. announces it is exiting their real estate portfolio, which includes 23 hotels across Canada as well as 2.8M SF of commercial office and retail space.

Q1 2015InnVest REIT along with KingSett Capital announce a $186.5M acquisition of the Fairmont Royal York in Toronto, with the seller, Ivanhoe Cambridge staying in as a 20% partner. • Ivanhoé Cambridge completes the sale of the Fairmont Hotel Vancouver to Larco Enterprises for $180M. • Marriott International, Inc. completes the acquisition of Delta Hotels and Resorts for US$135M from bcIMC with plans to grow the brand internationally

2009/2010A pause in significant transaction activity caused by a lack of institutional buying/selling • Private capital dominated these years representing around 50% of transaction volume throughout 2009 and 2010. • Total Volume averaged $565M between these two years.

2011InterContinental Toronto Centre sold by Canada Lands Company to Oxford Properties Group as part of the Front Street block that included the Toronto Convention Centre. • Sutton Place Vancouver/Edmonton and rights to the Sutton Place brand sold to Northland Properties for $197.5M.

2012Temple Hotels Inc. begins a buying spree acquiring 7 hotels for $159.8M (14% of the year’s volume) as it begins its expansion into Eastern Canada. • Morguard Corporation purchases the Toronto Airport Marriott for $30.6M, marking their entrance into the lodging sector.

2007CHIP REIT goes private, selling to bcIMC at a $1.2B valuation. • Legacy REIT taken private by a partnership between Ivanhoé Cambridge/Westmont Hospitality Group/InnVest REIT valued at over $2.0B. • bcIMC buys the Delta Hotels and Resorts management company from Fairmont Hotels & Resorts.

$

Source: Colliers International Hotels


Special Feature •

The Industry Has Been Legitimized, What’s Next?There are several reasons for the anticipated continued growth and pursuit of hotel real estate in Canada:

Growing liquidity• The expanding universe of opportunities and growing diversity

of both buyers and sellers has resulted in increased transaction velocity and liquidity. As the market becomes more fluid so does the attractiveness of the industry to institutional players.

Expanded diversity of equity pools• In the height of the market in 2005-2007 most of the activity

was single sourced led by privatizations of public entities.

• Today we have a dynamic market of equity players (hotel investment companies, real estate companies, private investors, high-net-worth investors) and a growing propensity of institutional capital (pension funds, private equity and hedge funds) attracted to the mid- and upper-scale segments of the market.

The need for alternate investment product• Diversification by non-traditional hotel investors seeking yield

is a major boon for the industry. These investors are attracted to the sector as competition for other commercial real estate classes has become fierce. These investors are also dedicating significant internal management and systems to oversee their hospitality investments.

Abundance of debt• Financing costs are at record-low levels and expected to

remain below the long-term historical average over the medium-term.

• The emergence of new lenders who were not present here five-to-ten years ago has brought significant liquidity to the Canadian lodging industry.

Behind-the-scenes action• Over the past 24 months a considerable amount of partnership

buy-outs, refinancings/restructurings and joint venture partnerships have occurred. These events do not register as transaction volume, but we view this activity as encouraging and indicative of a robust market.

• There may be further consolidation in both the public markets as well as private investors/developers who are seeking to monetize their investments.

Canadian hotel transaction volume has registered at over

in eight years of the last decade versus just two in the preceding 10 years.

$1 billion


• Year In Review

Canadian hotel transaction volume reached $1.46 billion in 2014, marking the year as the second highest (after 2013) in deal volume since the last peak in 2007. In 2013, volume was largely driven by the sale of the $765 million five-property Westin Canadian Hotel Portfolio which represented nearly 40% of overall volume for the year. When this transaction is removed, volume in 2014 grew over 28% year-over-year*. The dynamic investment market was aided by debt sources eager to finance acquisitions as well as a diverse group of buyers and sellers motivated to take advantage of ideal market conditions, including buy-side demand from cross border groups—most notably Mainland China. Foreign investors represented 15% of buy-side activity, with these groups seeking to park capital in stable countries like Canada. The increased presence of institutional players and other non-traditional buyers has helped fuel the growth into an over $1 billion market since 2011.

2 0 1 4

A Vibrant Canadian Investment Environment

Progressing Through the Cycle• There were 127 trades reported for the year, roughly split equally between Western and Eastern Canada. This compares to

a low of 74 trades at the bottom of the cycle in 2009.

• 2014 saw the greatest amount of large single asset transactions since the last peak in 2007, with 14 deals trading above the $25 million threshold.

• Activity was supported by an elevated level of competition by a variety of buyer groups for high quality and well-located assets across the country.

CDN Hotel Transaction Volume (Total)

199

8

200

6

200

2

2010

199

9

200

7

200

3

2011

200

0

200

8

200

4

2012

200

1

200

9

200

5

2013

2014

$1b

Dynamic Marketplace• From private capital to public vehicles, a variety of buyers

capitalized on an opportune time in the cycle to transact. Improving hotel operating fundamentals across the country, strong non-core selling activity and favourable capital market conditions led to investors adopting a bullish outlook on hotel real estate.

• The availability of financing has become an interesting component of the market. Expansion in availability of credit has occurred with a growing mix of Canadian, U.S. and international lenders actively pursuing opportunities to fund hotel acquisitions.

• In 2014, foreign entities acquired nine hotels and resorts totaling 15% of overall volume with purchaser origin from Europe (8%), Asia (5%) and the U.S. (2%). There was significant interest from foreign-based groups behind the scenes, often contending as strong second and third place bidders on prime hotel and resorts offerings.

• There were four portfolio transactions totaling over $100 million, or approximately 7.5% of overall volume. Portfolio transactions were dominated by REITs both on the sell and buy side of the equation; InnVest REIT disposed of 19 non-core assets in addition to purchasing the Hyatt Regency Vancouver, while Temple Hotels Inc. continued its strategy of acquiring properties to diversify its portfolio geographically, particularly into Ontario.

• Key deal metrics including average price per room and deal size were generally in-line with 2013 results, which are indicative of overall healthy pricing and momentum moving into 2015. Average price per room was $93,200 in 2014, 6% below 2013 while average deal size remained largely the same at $11.5 million.

• Lender driven sales have been on a continual decline after peaking at 12% of volume in 2010. There were only four distressed sales in 2014 representing just 2% of total volume, the lowest in the past five years.

* We have omitted the Westin Canadian Hotel Portfolio transaction in year-over-year calculations for comparability.



Full Service Asset Sales Dominate Volume• Full-service properties accounted for 52% of total volume by

way of 32 trades totaling $750 million. This compares to 22 trades and 55% of volume last year ($699 million).

• The year’s full-service activity was generated by sellers strategically disposing and taking advantage of market timing. These players included Ivanhoé Cambridge, which is in the midst of a sale program involving key assets in their hotel real estate portfolio.

• In addition, Hyatt Hotels Corporation sold their two owned Canadian assets in Toronto and Vancouver, both of which closed in December to separate buyers. The hotels will continue to be managed by Hyatt.

• The top three full-service sales by dollar volume included the Hyatt Regency Vancouver ($140 million), the Park Hyatt Toronto ($105 million), and the Holiday Inn Montreal Midtown ($65 million).

Focused Service Assets Continue to Peak Investor Interest

• Focused-service assets have grown to become an increasingly important part of the transaction market. Transaction volume in this segment represented 27% of total volume ($391 million) in 2014, increasing in share from 19% in 2013.

• These assets were purchased primarily for in-place yield and have been an attractive segment for acquisition as a medium- to long-term hold. Many investors in this segment have been well-capitalized private and institutional groups eager to secure well located assets.

• Most of the focused-service opportunities brought to market transacted quickly at healthy pricing given the strong appetite for stable cash flow.

• Focused-service per room pricing grew 11% year-over-year to $122,400 - the highest price per room within the various segments.

Year In Review •

$750,121,000 $390,932,000

$98,500 $122,400

32 28

Volume Volume# Trades # Trades

Avg/Price Per Room Avg/Price Per Room

27%

Full Service Focused Service

Significant Single Asset Transactions in 2014 (By Volume)

Property Seller Buyer Number of Keys

Price ($M)

Price Per Room

Cap Rate (%)

Buyer Origin

Hyatt Regency Vancouver Hyatt Hotels Corporation InnVest REIT 644 $140,000,000 $217,000 N/A Canadian

Park Hyatt Toronto (1) Hyatt Hotels Corporation Oxford Properties Group 346 $105,000,000 $303,500 N/A Canadian

Courtyard & Residence Inn by Marriott Calgary Airport (2)

Mitchell Group Remai Group 328 $66,000,000 $201,200 7.4 Canadian

Holiday Inn Montreal Midtown (3)

Rosdev GroupBeaumont Parters SA (65%) & Campus Crest (35%)

488 $65,000,000 $133,200 N/A European

The Fairmont Empress Hotel

Ivanhoé Cambridge Bosa Development 477 $48,000,000 $100,600 N/A Canadian

Fairmont Château Montebello

Oxford Properties Group Evergrande Group 211 N/A N/A N/A Chinese

Top Portfolio Transactions in 2014 (By Volume)

Easton's Hotels Select Service Portfolio (4)

Easton's Group of Hotels Temple Hotels Inc. 257 $43,050,000 $167,500 9.3 Canadian

Canadian Delta Portfolio (5) InnVest REIT Delta Hotels & Resorts 792 N/A N/A N/A Canadian

Limited Service Thunder Bay Portfolio (6)

Harboursite Ltd. Temple Hotels Inc. 184 $26,100,000 $141,800 9.0 Canadian

Comfort Inn Portfolio (7) InnVest REIT SunRay Group 273 $11,400,000 $41,800 N/A Canadian

(1) Purchaser plans to invest US$25M in renovations. Property includes significant office and retail space.

(2) Includes approximately one acre of excess land.(3) Hotel sold for conversion to student residences. (4) Sold as two property portfolio (Sudbury and Mississauga).

(5) Sold as three property portfolio (one in Calgary and two in Halifax). Hotels are subject to ground leases. Sale details confidential.(6) Sold as two property portfolio. Cap rate based on forecasted 2014 - 2015 financials.(7) Sold as three property portfolio (Chatham, Dorval and Pointe Claire).

52%



Limited Service Segment Led by Institutional Sellers • The sale of limited-service assets reached 22% of total volume

($314 million) and was driven primarily by private investors. Institutional and public companies were a significant component of this sell-side volume, divesting non-core limited-service assets.

• Limited-service assets accounted for 53% of the number of trades in 2014 with over 4,400 rooms transacting across the country. These assets continue to be highly sought after, particularly by owner/operators and hotel investment companies who typically reposition smaller assets in secondary/tertiary markets through capital investment and hands on management.

• Reflecting the wave of sales and market buoyancy, average price per room for limited-service assets grew 8% over 2013 to $62,200.

Regional Analysis • Trading volume was split fairly equally between Eastern and

Western Canada with Ontario (35%), British Columbia (24%) and Alberta (23%) being the most active provinces.

• Following historic trends, Western Canada led in per room pricing metrics, reaching $114,900 compared with $79,100 in Eastern Canada; a 45% premium for the West.

• Average price per room in Alberta dropped slightly to $93,700, the lowest reading in the past five years. This is largely due to the product that was offered for sale, including smaller assets in tertiary markets.

• The Greater Toronto Area (“GTA”) continued to be the most active and sought after investment market with 14 hotels trading, representing $273.5 million or 20% of national volume. Toronto, typically a “buy and hold” market, witnessed a flurry of investor interest on the majority of assets brought to market.

• Other notable markets included the Greater Vancouver Area, Calgary and Montreal with reported transaction volume of $194 million, $88 million and $82 million, respectively, followed by Ottawa ($69 million), Edmonton ($63 million), Victoria ($48 million) and Halifax ($35 million).

• Year In Review

Transaction Volume by Region

No. of Hotels

No. of Rooms

$ Volume ($M)

% Volume

Price Per Room

West 56 6,075 $742 51% $114,900

Alberta 27 3,175 $328 23% $93,700

British Columbia 23 2,467 $349 24% $135,600

Manitoba 3 54 $7 0% $75,700

NWT 1 106 $22 1% $204,500

Saskatchewan 2 273 $36 2% $146,400

East 71 9,090 $713 49% $79,100

Ontario 49 5,796 $505 35% $88,200

Quebec 13 2,276 $156 11% $68,400

Nova Scotia 5 773 $38 3% $49,600

New Brunswick 2 136 $9 1% $67,200

Newfoundland 2 109 $6 0% $52,500

Total 127 15,165 $1,455 100% $93,200

Volume # Trades

Avg/Price Per Room

Limited Service

$314,119,000

$62,200

67

22%

Following historic trends led in per room pricing metrics, reaching $114,900 compared with $79,100 in Eastern Canada; a 45% premium for the West.

Western Canada



Year In Review •

Cap Rates • Capitalization (“cap”) rates for traditional hotel sales

averaged 8.0% to 9.5% overall in 2014, in-line with results from 2012 and 2013.

• The full-service segment continued to contract, compressing by 20 basis points over the year prior to end at 7.2%, primarily caused by strong demand for lodging assets in the over $50 million range where capital has been actively chasing available opportunities. The focused-service and limited-service segments were largely flat year-over-year.

• Over the long-run cap rates have been trending downward in the sector. This has been due in part by lower lending rates and growing investor demand.

Uptick in Supply of New Hotel Rooms• Colliers estimates new hotel room supply in Canada’s 17

major markets grew by 0.9% in 2014, slowing from 1.1% growth recorded in 2013 as a result of significant reductions in hotel supply in downtown Montreal and Ottawa which declined 7.0% and 6.5%, respectively. This was largely due to hotel closures for conversion to alternate use in these markets, particularly for student residences.

• Markets with the most significant supply increases in 2014 included Winnipeg (8.9%), Regina/Saskatoon (5.9%), Halifax (5.2%) and Calgary (3.9%).

• Toronto Airport, Montreal Airport and Niagara Falls each had no new hotel openings in 2014.

• National hotel supply is projected to increase by 1.1% in 2015, led by Calgary (4.7%) which is currently witnessing significant hotel development in the airport submarket; downtown Toronto (4.4%) due to the openings of large full-service properties and Edmonton (3.8%) as a result of new developments in the Edmonton West and Sherwood Park submarkets.

Toronto

Victoria

Edmonton

Calgary

Montreal

HalifaxVancouver

Ottawa

Major City Transaction Volume Heat Map

Location

2013

2014 % Change

Toronto, ON $449.8 $273.5 -39%

Vancouver, BC $75.3 $193.6 157%

Calgary, AB $71.5 $88.3 23%

Montreal, QC $65.5 $82.3 26%

Ottawa, ON $139.5 $68.7 -51%

Edmonton, AB $69.3 $63.5 -8%

Victoria, BC $37.0 $48.0 30%

Halifax, NS $70.0 $34.8 -50%

Cap

Rat

e (%

)

Cap Rate Range Trends for Hotels

2003

10

11

12

8

13

14

9

2008

2013

2004

2009

2014

2005

2010

2015

F

2006

2011

2007

2012




2015 Colliers Hotel Value Index• The value of Canadian hotel real estate has been on

the rise and this trend is expected to continue into 2015 as the lodging industry becomes an attractive proposition for a wide range of buyer groups. Derived from our snapshot of 17 major markets across Canada, national hotel values rose by 4.8% in 2013 and 6.0% in 2014. We estimate values will continue rising in 2015 by 6.8%.

• All markets exhibited positive results in 2014 with the most significant growth in hotel values seen in urban markets such as downtown Toronto (+9.0%), Calgary (+8.9%), downtown Vancouver (+8.6%) downtown Montreal (+8.4%) and the Alberta Mountain Region (+6.6%). Winnipeg and Halifax/Dartmouth grew the least at 1.9% and 2.0%, respectively.

• Colliers expects 2015 to remain robust for real estate values despite a modest slow-down anticipated for Calgary (+3.4%) and Edmonton (+2.0%). The strongest markets nationally are expected to be downtown Toronto (+14.2%), downtown Vancouver (+10.1%), downtown Montreal (+8.8%) and the Alberta Mountain Region (+8.2%).

• Year In Review

The Ever Evolving Buyer Composition• On a deal volume basis, private investors were the most active in

2014 accounting for 30% of buy-side transaction activity ($434 million) versus 25% of volume ($317 million) in 2013. Activity by private capital has been a consistent component of the overall transaction environment over the years, averaging $310 million per year since 2009. The largest transaction by this group in 2014 was the Best Western Plus Sands in downtown Vancouver for $30.3 million ($252,900 per room), followed by the Courtyard by Marriott Toronto Brampton for $25.1 million ($157,900 per room). Private investors comprised the majority of transactions with 74 trades over the course of the year.

2014 Buyer Composition % of Volume

Private Investor30%

Real Estate Company21%

Hotel Investment Co.14%

Institutional14%

Public Company21%

2014 Seller Composition % of Volume

Private Investor31%

Real Estate Company15%

Hotel Investment Co.14%

Institutional9%

Public Company30%

• Real estate companies (RECs) represented 21% of overall volume driven primarily by land motivations for eventual redevelopment, conversion to alternate use or diversification of their real estate portfolio. There were 14 acquisitions by this group, the largest being the Courtyard & Residence Inn by Marriott Calgary Airport for $66.0 million ($201,200 per room) and The Fairmont Empress Hotel in Victoria for $48.0 million ($100,600 per room), both of which were acquired by diversified RECs.

• Buying activity from public companies totaled nine transactions, primarily driven by Temple Hotels Inc. (7 hotels including the Hotel Saskatchewan Regina) and InnVest REIT (Hyatt Regency Vancouver). Holloway Lodging Corporation rounded out this buyer group, acquiring one hotel during the year.

• Institutional groups were active in major urban centres such as Toronto, Calgary and Halifax acquiring five substantial assets which accounted for 14% of total volume for the year.

• Hotel investment companies (HICs) continue to be motivated by opportunistic turn-around deals across the country. HICs have historically been strategic in hotel investments commonly timing the market and acquiring properties at a lower price per room and repositioning with capital and other value-add opportunities. HICs were particularly active in Ontario, most notably acquiring assets from institutional sellers. There were 25 transactions to HICs the largest being the Delta Toronto East for $32.75 million ($89,500 per room).

Seller Composition • Private investors and public companies were the most active

sellers in the country comprising 31% and 30% of total volume ($454 million and $435 million, respectively).

• Public companies continued to recycle non-core assets and take advantage of improving capital conditions, accounting for about a third of sales volume. InnVest REIT was the largest seller by number of properties, divesting 19 hotels in an orderly sale process of non-core assets which was met by a dynamic mix of private investors and hotel investment companies.


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Hotel Value Index •

Vancouver Airport

Canadian National Average

2013 4.3% – 2014 3.5% – 2015F 3.7%

2013 4.8% – 2014 6.0% – 2015F 6.8%

Edmonton

2013 8.4% – 2014 5.4% – 2015F 2.0%

Winnipeg

2013 1.7% – 2014 1.9% – 2015F 2.2%

Toronto Airport West

2013 3.3% – 2014 4.9% – 2015F 6.1%

Montreal Downtown

2013 3.8% – 2014 8.4% – 2015F 8.8%

Calgary

Vancouver Downtown

2013 9.1% – 2014 8.9% – 2015F 3.4%

2013 6.4% – 2014 8.6% – 2015F 10.1%

Regina/Saskatoon

2013 3.8% – 2014 3.2% – 2015F 3.0%

Toronto Downtown

2013 7.6% – 2014 9.0% – 2015F 14.2%

Ottawa

2013 5.4% – 2014 6.0% – 2015F 6.6%

Halifax/Dartmouth

2013 3.1% – 2014 2.0% – 2015F 2.3%

Whistler

Victoria

2013 3.0% – 2014 3.8% – 2015F 3.6%

2013 3.5% – 2014 4.5% – 2015F 5.2%

Alberta Mountain Resorts

2013 4.5% – 2014 6.6% – 2015F 8.2%

Toronto North/Parklands

2013 3.3% – 2014 5.1% – 2015F 6.2%

Niagara Falls

2013 2.8% – 2014 4.5% – 2015F 6.7%

Montreal Airport

2013 3.5% – 2014 4.2% – 2015F 5.0%

The Colliers Hotel Value Index monitors the annual rate of change in hotel values, based on the operating performance of a market and industry trends, as well as the return expectations of investors.

2015 Hotel Value Index


2015Outlook

The theme throughout the current up-cycle has been increased investment in hospitality assets by domestic institutional investors. As debt capital costs remains at an all-time low and competition for other real estate assets remains robust, the hospitality sector should continue to see a variety of capital sources that have an established platform, as well as new entrants into the market.

The Canadian FX EffectThe Canadian Dollar has decreased in value from around parity between 2010 and 2013 to approximately $0.80 by the end of the first quarter of 2015, with much of the decline realized in last half of 2014 and first quarter of 2015. Canadian currency is increasingly attractive to cross-border groups and should help influence those considering investing in Canada. In addition, the flow of Canadian capital into the U.S. property market should weaken as the U.S. Greenback has materially appreciated; increased focus on deploying funds within Canadian borders will likely transpire.

RevPAR Performance In 2014 annual RevPAR growth surpassed the height of the previous cycle, registering a 6.2% increase year-over-year according to PKF Consulting, versus 6.1% recorded in 2006 which was the peak of the last cycle. While there remains good runway for additional operating performance, we expect oil and gas markets in Western Canada to dampen full-year 2015 gains.

Chinese CapitalWe believe Chinese capital will form an expanding component of the overall buyer mix. The Canadian economy is perceived as a safe and stable market and there is a growing propensity of Chinese capital seeking to invest in stable markets like Canada. This is supported by the recent easing of Chinese restrictions on investing outside of the Mainland. An added incentive is the weaker Canadian dollar against the Chinese Yuan, which has appreciated strongly along with the U.S. dollar since late 2013.

More Conversions to Alternate UseThe recent trend of hotel properties converting to alternate use may not be over in major markets. The Canadian residential housing market remains very robust and a variety of older hotel inventory is ripe to come out of inventory and converted/redeveloped to alternate uses, such as residential condominiums and student or rental housing, particularly in Toronto, Vancouver and Montreal.

Steady Pace of Transaction VolumeOur forecast for Canadian hotel transaction volume in 2015 is between $1.25 billion and $1.5 billion supported by the strong pipeline and deal momentum entering the year given the mix of both single asset and portfolio transactions. With current market dynamics, indications point to the current cycle remaining in a +$1 billion market for the foreseeable future.

Oil & GasBMO Capital Markets Economics Research updated their WTI Crude Oil forecast in late February 2015 with a forecast of US$52.00 per barrel in 2015 and US$65.00 per barrel in 2016. These figures are significantly below the US$100+ seen in the first half of 2014. Gas prices have also dropped notably and were sitting below US$3.00 per one million British Thermal Units. It is expected investment sentiment will moderate in oil dependent markets.


10 Year Historical Exchange Rate C$/US$


20062005 2007 2008 2009 2010 2011 2012 2013 2014 2015

0.90

1.00

1.10

1.20

1.30


Strategic Volume

Traditional Volume

* Strategic transactions typically involve at least two of the following conditions: 1) a pricing premium is paid; 2) the asset is located in a high barrier to entry market or within a geographic hub of an owner’s principal business; or 3) the opportunity allows for an extension of the company’s brand or portfolio.

CHIP REIT & Legacy REIT both taken private contributing to $3.2B in transaction volume for

the year (70% of the year’s total volume).

Westin Canadian Hotel Portfolio re-sold for $765M (40% of the year’s total volume).

Fairmont Canadian Resort Portfolio sold for $1.7B

(58% of the year’s volume).

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Total Transaction Volume (Including Strategic Sales)

$ Volume $1,324 $423 $443 $642 $540 $469 $360 $1,706 $2,950 $4,580 $1,072 $414 $717 $1,107 $1,178 $2,023 $1,455

% Chg - -68.1% 4.7% 44.9% -15.9% -13.1% -23.2% 373.9% 72.9% 55.3% -76.6% -61.4% 73.2% 54.4% 6.4% 71.7% -28.1%

# Hotels 175 41 49 42 49 51 50 104 141 168 92 74 86 99 116 115 127

% Chg - -76.6% 19.5% -14.3% 16.7% 4.1% -2.0% 108.0% 35.6% 19.1% -45.2% -19.6% 16.2% 15.1% 17.2% -0.9% 10.4%

$/Room $56,900 $87,700 $80,900 $111,300 $81,800 $62,200 $67,000 $108,800 $162,000 $154,200 $116,500 $65,500 $83,000 $108,000 $83,600 $133,000 $93,200

% Chg - 54.1% -7.8% 37.6% -26.5% -24.0% 7.7% 62.4% 48.9% -4.8% -24.4% -43.8% 26.7% 30.1% -22.6% 59.1% -29.9%

Traditional Volume (Excluding Strategic Sales)

$ Volume $1,324 $165 $301 $262 $185 $384 $343 $688 $1,092 $986 $571 $414 $498 $786 $1,178 $1,138 $1,455

% Chg - -87.5% 82.4% -13.0% -29.4% 107.6% -10.7% 100.6% 58.7% -9.7% -42.1% -27.5% 20.3% 57.8% 49.9% -3.4% 27.9%

# Hotels 175 36 48 39 43 49 49 91 131 100 81 74 82 96 116 109 127

% Chg - -79.4% 33.3% -18.8% 10.3% 14.0% 0.0% 85.7% 44.0% -23.7% -19.0% -8.6% 10.8% 17.1% 20.8% -6.0% 16.5%

$/Room $56,900 $49,900 $60,600 $65,500 $49,300 $61,300 $63,900 $70,200 $77,000 $97,000 $84,300 $65,500 $69,000 $87,000 $83,600 $87,500 $93,200

% Chg - -12.3% 21.4% 8.1% -24.7% 24.3% 4.2% 9.9% 9.7% 26.0% -13.1% -22.3% 5.3% 26.1% -3.9% 4.7% 6.5%

$1b

Strategic portion primarily represented by the sale of the Westin Canadian Hotel Portfolio.


Canadian Hotel Investment Trends


• 2014 Canadian Hotel Transactions

Name City Province Rooms Date Price Price/Room Cap Rate (%)

Microtel Inn & Suites Blackfalds / Red Deer Blackfalds AB 63 Jan $8,325,000 $132,100 N/A

Super 8 Cochrane Cochrane AB 48 Feb $5,400,000 $112,500 N/A

Bow River Inn Cochrane AB 44 Feb $4,550,000 $103,400 N/A

Cortona Residence - Clearwater Residence Hotel (1) Fort McMurray AB 57 Apr $26,000,000 N/A 8.2

Travelodge Red Deer Red Deer AB 135 May $7,000,000 $51,900 N/A

Canmore Hotel Canmore AB 22 May $2,200,000 $100,000 N/A

Days Inn & Suites Whitecourt Whitecourt AB 79 Jun $8,890,000 $112,700 11.0

Delta Calgary Airport (2) Calgary AB 296 Jun N/A N/A N/A

Radisson Hotel & Conference Centre Canmore Canmore AB 224 Jun $13,700,000 $61,200 N/A

Comfort Inn & Suites Sylvan Lake Sylvan Lake AB 61 Jun $7,000,000 $114,800 N/A

Tunnel Mountain Resort Banff AB 95 Jun $14,250,000 $150,000 N/A

La Biche Inn Lac la Biche AB 34 Jun $3,000,000 $88,200 15.6

Siesta Motel Olds AB 37 Jul $1,700,000 $46,000 13.6

Nova Inn Hinton Hinton AB 70 Aug $4,375,000 $62,500 11.6

Ramada Edmonton Hotel and Conference Centre (3) Edmonton AB 428 Aug N/A N/A N/A

Days Inn & Suites Strathmore Strathmore AB 124 Sep $10,800,000 $87,000 N/A

Holiday Inn Express & Suites Spruce Grove Spruce Grove AB 130 Oct $17,700,000 $136,200 N/A

Jockey Motel Edmonton AB 94 Oct $4,365,000 $46,400 13.3

Red Deer Lodge Hotel and Conference Centre Red Deer AB 233 Nov N/A N/A N/A

Franklin's Inn (4) Sherwood Park AB 44 Nov $14,100,000 N/A 9.7

Traveller's Inn Calgary Calgary AB 34 Nov $2,249,000 $66,100 N/A

Econo Lodge Calgary South Calgary AB 73 Nov $5,000,000 $68,500 N/A

Best Western Cedar Park Inn Edmonton AB 195 Nov $23,625,000 $121,000 11.0

Motel 6 Airdrie Airdrie AB 80 Nov $9,220,000 $115,300 N/A

Courtyard & Residence Inn by Marriott Calgary Airport (5) Calgary AB 328 Dec $66,000,000 $201,200 7.4

Ramada Lloydminster Lloydminster AB 61 Dec $8,750,000 $143,400 11.0

Alberta Place Suite Hotel (6) Edmonton AB 86 Dec $15,750,000 $183,100 N/A

Alberta - 27 Trades 3,175 $328,199,000

Sleepy Lodge Coquitlam BC 40 Jan $2,730,000 $68,000 3.0

Howard Johnson Inn Vernon BC 29 Feb $1,725,000 $59,500 6.9

Super 8 West Kelowna Kelowna BC 81 Mar $3,000,000 $37,000 N/A

Best Western Plus Chelsea Inn Coquitlam BC 61 Mar $5,000,000 $82,000 N/A

Holiday Inn Express Kamloops Kamloops BC 80 Apr $8,900,000 $111,300 7.6

Squamish Budget Inn Squamish BC 30 Apr $1,480,000 $49,000 N/A

Travelodge Parksville Parksville BC 84 Apr $3,230,000 $38,500 N/A

Best Western Plus Sands Hotel (7) Vancouver BC 120 May $30,345,000 $252,900 1.2

Holiday Inn Hotel & Suites Surrey East - Cloverdale (8) Surrey BC 92 May $11,693,000 $127,100 4.2

Traders Inn Motor Hotel Chilliwack BC 33 May $1,110,000 $33,600 N/A

Lake Okanagan Resort Kelowna BC 217 Jun N/A N/A N/A

Hotel Eldorado (9) Kelowna BC 53 Jun $19,700,000 N/A 7.5

Poets Cove Resort & Spa (10) Pender Island BC 46 Jun N/A N/A N/A

The Fairmont Empress Hotel Victoria BC 477 Jun $48,000,000 $100,600 N/A

Days Inn Vancouver Downtown Vancouver BC 85 Jul $14,800,000 $174,500 3.2

Christine's Bed & Breakfast White Rock BC 6 Jul $1,600,000 N/A N/A

Super 8 Cranbrook Cranbrook BC 45 Aug $2,420,000 $53,800 N/A

Lake City Motor Inn Burnaby BC 48 Sep $8,462,000 $176,300 N/A

Best Western Cowichan Valley Inn Duncan BC 42 Oct $4,300,000 $102,400 N/A

Howard Johnson Inn Vernon Vernon BC 29 Nov $1,280,000 $44,100 9.4

Revelstoke Lodge (8) Revelstoke BC 42 Nov $1,730,000 $41,200 11.6

Hyatt Regency Vancouver* Vancouver BC 644 Dec $140,000,000 $217,000 N/A

British Columbia - 23 Trades 2,467 $348,555,000

Lakeview Inn Lac du Bonnet MB 15 May $1,650,000 $110,000 18.0

Casey's Inn Motor Hotel Lac du Bonnet MB 22 May $1,150,000 $52,300 17.0

St. Norbert Hotel (11) Winnipeg MB 17 Dec $4,300,000 N/A 15.0

Manitoba - 3 Trades 54 $7,100,000

Tulip Motel Woodstock NB 20 Apr $1,140,000 $57,000 n/a

Hampton Inn & Suites Saint John Saint John NB 116 Dec $8,000,000 $69,000 9.4

New Brunswick - 2 Trades 136 $9,140,000

Mamateek Inn Corner Brook NF 78 Sep $1,325,000 $17,000 n/a

Monastery Spa and Suites St. John's NF 31 Nov $4,400,000 $141,900 n/a

Newfoundland - 2 Trades 109 $5,725,000

Comfort Inn Dartmouth Dartmouth NS 80 Jan $3,475,000 $43,400 n/a

Coastal Inn Halifax Halifax NS 65 Apr $2,600,000 $40,000 n/a

Delta Halifax (2) Halifax NS 296 Jun N/A N/A n/a

Delta Barrington (2) Halifax NS 200 Jun N/A N/A n/a

Future Inn Halifax Halifax NS 132 Sep $10,235,000 $77,500 10.5

Nova Scotia - 5 Trades 773 $38,310,000

Nova Court Yellowknife NWT 106 Jan $21,680,000 $204,500 10.4

Northwest Territories - 1 Trade 106 $21,680,000

Super 8 Toronto North Vaughan ON 85 Jan $4,800,000 $56,500 N/A

Holiday Inn Brampton Brampton ON 145 Jan $11,800,000 $81,400 N/A

Motel 6 Huntsville (12) Huntsville ON 85 Jan $3,296,000 $38,800 N/A

7 & 7 Motel (13) Brampton ON 29 Jan $2,750,000 N/A N/A

Towne & Country Motel Windsor ON 52 Jan $1,250,000 $24,000 N/A

Travelodge Chatham (14) Chatham ON 103 Feb $1,875,000 $18,200 N/A

Travelodge London South (14) London ON 126 Feb $2,600,000 $20,600 N/A


2014 Canadian Hotel Transactions •

The Parlor Inn (Formerly Best Western Plus The Parlor Historic Inn) Stratford ON 28 Feb $5,725,000 $204,500 N/A

Comfort Inn Oshawa Oshawa ON 79 Mar $4,250,000 $54,000 N/A

Delta Toronto Airport West Toronto ON 297 Mar $9,350,000 $31,500 N/A

Comfort Inn Huntsville Huntsville ON 71 Mar $2,500,000 $35,000 N/A

Emerald Crown Hotel (8) Niagara Falls ON 145 Apr $6,730,000 $46,400 N/A

The Ambassador Hotel & Conference Centre Kingston ON 246 Apr $11,500,000 $46,700 N/A

Riverside Motel & Restaurant Sudbury ON 59 Apr $1,575,000 $26,700 N/A

Super 8 Midland Midland ON 65 Apr $3,600,000 $55,400 N/A

Quality Inn & Suites Hawkesbury Hawkesbury ON 66 Apr $7,900,000 $119,700 N/A

Comfort Inn Chatham (15) Chatham ON 80 May N/A N/A N/A

Talisman Mountain Resort (16) Kimberley ON 88 May $1,800,000 N/A N/A

Super 8 Kingston (17) Kingston ON 51 May $1,500,000 $29,400 N/A

Comfort Inn Owen Sound Owen Sound ON 60 Jun $2,550,000 $43,000 N/A

Comfort Inn St. Catharines St. Catharines ON 100 Jun $4,100,000 $41,000 N/A

Comfort Inn North York Toronto ON 144 Jun $5,800,000 $40,000 N/A

Best Western Plus Macies Hotel Ottawa ON 123 Jun $11,732,000 $95,400 N/A

Days Inn Thunder Bay North (18) Thunder Bay ON 92 Jul $13,049,500 $141,800 9.0

Days Inn & Suites Thunder Bay (18) Thunder Bay ON 92 Jul $13,049,500 $141,800 9.0

Courtyard Toronto Brampton Brampton ON 159 Jul $25,100,000 $157,900 6.4

Super 8 Peterborough Peterborough ON 82 Jul $7,275,000 $88,700 8.0

Midland Inn & Suites Midland ON 30 Jul $2,288,000 $76,300 N/A

Burleigh Falls Inn & Suites (19) Kawarthas ON 23 Jul $1,325,000 N/A N/A

Holiday Inn Hotel & Suites Ottawa - Downtown (20) Ottawa ON 220 Aug $28,000,000 $127,300 N/A

Hilton Garden Inn Toronto Airport West (21) Mississauga ON 152 Aug $25,050,000 $164,800 8.7

TownePlace Suites by Marriott Sudbury (21) Sudbury ON 105 Aug $18,000,000 $171,400 10.1

Holiday Inn Toronto International Airport Toronto ON 446 Aug $16,000,000 $36,000 N/A

Airport Inn & Suites London London ON 103 Aug $3,350,000 $32,500 N/A

Four Points by Sheraton Waterloo - Kitchener Hotel & Suites Waterloo ON 104 Sep $14,100,000 $135,600 N/A

Best Western Little River Inn Simcoe County ON 49 Sep $3,100,000 $63,300 N/A

Holiday Inn Mississauga Toronto West Mississauga ON 138 Sep $8,850,000 $64,100 N/A

Quality Suites London London ON 118 Sep $4,500,000 $38,100 N/A

Fairfield Inn & Suites Toronto Airport Toronto ON 170 Oct $19,500,000 $114,700 N/A

Best Western Plus Couchiching Inn Orillia ON 81 Oct $5,975,000 $73,800 N/A

The Little Inn of Bayfield Bayfield ON 28 Oct $1,100,000 $39,300 N/A

Delta Toronto East Toronto ON 366 Nov $32,750,000 $89,500 5.3

Comfort Inn Leamington Leamington ON 61 Nov $2,600,000 $42,600 N/A

Comfort Inn Trenton Trenton ON 76 Nov $3,250,000 $42,800 N/A

Quality Hotel Downtown (22) Ottawa ON 212 Dec N/A N/A N/A

Park Hyatt Toronto (23)* Toronto ON 346 Dec $105,000,000 $303,500 N/A

Georgina Resort and Convention Centre (8) Georgina ON 91 Dec $3,650,000 $40,100 N/A

New Plaza Motel Toronto ON 31 Dec $2,500,000 $80,600 N/A

Best Western Lakeside Inn & Conference Centre Kenora ON 94 Dec $4,800,000 $51,000 12.0

Ontario - 49 Trades 5,796 $504,545,016

Holiday Inn Montreal Midtown (24) Montreal QC 488 Jan $65,000,000 $133,00 N/A

Comfort Inn Levis Levis QC 98 Feb $4,100,000 $42,000 N/A

Loews Hotel Le Concord Quebec City QC 406 Mar $12,000,000 $29,600 N/A

L’Hôtel des Seigneurs (25) Saint-Hyacinthe QC 290 Mar N/A N/A N/A

Motel Adam Gatineau QC 125 Mar $3,550,000 $28,400 N/A

Comfort Inn Dorval (15) Dorval QC 95 May N/A N/A N/A

Comfort Inn Pointe Claire (15) Pointe-Claire QC 98 May N/A N/A N/A

Z Plaza Hotel Victoriaville QC 14 May $1,340,000 $95,700 N/A

Manoir St-Castin Lac-Beauport QC 104 Jun $4,550,000 $43,800 N/A

Hôtel Tadoussac Tadoussac QC 149 Jul N/A N/A N/A

Comfort Inn Ste. Foy Ste Foy QC 78 Aug $2,850,000 $36,500 N/A

Novotel Montreal Aeroport Hotel Montreal QC 120 Sep $8,300,000 $62,100 N/A

Fairmont Château Montebello (26) Montebello QC 211 Dec N/A N/A N/A

Quebec - 13 Trades 2,276 $155,653,000

Radisson Plaza Hotel Saskatchewan (27) Regina SK 224 Apr $32,800,000 $146,400 11.5

La Ronge Hotel and Suites (28) La Ronge SK 49 Jun $3,465,000 N/A N/A

Saskatchewan - 2 Trades 273 $36,265,000

Name City Province Rooms Date Price Price/Room Cap Rate (%)

Footnotes(1) Property is 100% leased until April 30, 2018 to an oil sands company and is expected to become an expanded component of the Clearwater Residence Hotel - Timberlea in 2018.(2) Sold as three property portfolio. Hotels are subject to ground leases. Sale details confidential.(3) Sales details confidential.(4) Includes 75,000 SF of retail and office space. Price per room not applicable.(5) Includes approximately one acre of excess land.(6) Sold for conversion to residential rental units.(7) Sold with intention to redevelop as a residential and retail property.(8) Power of sale.(9) Hotel has significant non-hotel income. Price per room not applicable.(10) Resort includes an 85-slip marina, restaurant, spa, commercial centre and hotel rooms. Sales details confidential.(11) Sale includes a liquor store with significant income. Price per room not applicable.(12) Hotel will be converted for use as a retirement home.(13) Purchase included two individual apartments. Price per room not applicable.(14) Sold as two property portfolio.(15) Sold as a three property portfolio. Aggregate purchase price was $11.4 million.

(16 ) Resort was closed at time of sale. Sale includes excess land. Price per room not applicable.(17) Hotel sold for conversion to rental units.(18) Sold as two property portfolio. Cap rate based on forecasted 2014 - 2015 financials.(19) Property includes 11 room lodge, 9 motel rooms and 3 cottages. Price per room not applicable.(20) Converted to student residences.(21) Sold as two property portfolio. Cap rates based on forecasted 2014 financials.(22) Converted to student residences. Sales details are confidential.(23) US$25M US renovation within five years. Includes significant office and retail.(24) Hotel sold for conversion to student residences. Price per room not applicable.(25) Hotel was closed at time of sale. Sales details are confidential. (26) Includes approximately 1,000 acres of land.(27) Purchaser plans to invest $6 million over three years to renovate guest rooms and public areas. Cap rate based on forecasted 2014 net income.(28) Sale includes a beer and wine store, staff apartment and managers residence. Price per room not applicable. * Indicates a strategic purchase - see page 13 for the definition.


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