LEXPERT MAGAZINE
|
OCTOBER 2017 31
Jay Gupta (real estate) and Dominic éri-
en (competition).
AMERICAN HOTEL INCOME
PROPERTIES REIT LP COMPLETES
OFFERING AND HOTEL
PORTFOLIO ACQUISITION
CLOSING DATE: JUNE 9, 2017
On June 9, 2017, American Hotel Income
Properties REIT LP (AHIP) completed a
bought-deal offering (the Offering) of limit-
ed partnership units (Units) and convertible
debentures (Convertible Debentures).
e Offering raised gross proceeds of ap-
proximately: (i) $200.9 million through
the issuance of 19,410,000 Units, which
included 1,050,000 Units issued as a result
of the underwriters electing to partially ex-
ercise the Unit over-allotment option; and
(ii) US$48.9 million aggregate principal
amount of Convertible Debentures, which
included approximately US$6.4 million ag-
gregate principal amount of Convertible
Debentures as a result of the underwriters'
election to fully exercise the Convertible De-
benture over-allotment option.
e Offering was conducted through a
syndicate of underwriters co-led by CIBC
Capital Markets and National Bank Finan-
cial Inc. and included TD Securities Inc.,
Canaccord Genuity Corp., BMO Capital
Markets, Scotiabank, RBC Capital Markets,
Haywood Securities Inc. and Industrial Alli-
ance Securities Inc.
On June 22, 2017, AHIP completed the
acquisition of a portfolio of 18 premium
branded Marriott and Hilton hotels con-
taining 2,187 guestrooms and located in
Maryland, New Jersey, New York, Con-
necticut and Pennsylvania for an aggregate
purchase price of approximately US$407.4
million, including brand-
mandated property improve-
ment plans.
AHIP funded the purchase
price for the portfolio using a
combination of a portion of
the net proceeds from the Of-
GROUSE MOUNTAIN RESORTS
ACQUIRED BY GM RESORTS LP
CLOSING DATE: JULY 19, 2017
On July 19, 2017, Grouse Mountain Resorts
Ltd. (Grouse Mountain), an important Van-
couver landmark, completed its sale to GM
Resorts Limited Partnership (GM Resorts)
for an undisclosed amount.
GM Resorts was established by CM (Can-
ada) Asset Management Co. Ltd. (CM Can-
ada) to purchase Grouse Mountain.
CM Canada is based in Vancouver, with
more than 60-per-cent ownership by Cana-
dian investors.
Grouse Mountain Resort is a thriving
four-season business with attractions that
include the hiwus Feasthouse, the Eye of the
Wind, the eatre in the Sky, e Observa-
tory Restaurant and the Grouse Mountain
Refuge for Endangered Wildlife.
Additionally, the resort features such at-
tractions as high-speed chairlis, the North
Shore's most extensive snowmaking system,
zipline tours, snowshoeing and a mountain-
top skating pond.
Grouse Mountain Resort welcomes over
1.3 million guests per year.
GM Resorts was represented by Fasken
Martineau DuMoulin LLP with a team
led by Edmond Luke and that included
Paul Wilson (environmental and local gov-
ernment), Carmine Boskovich (corporate
commercial and real estate), Grant Foster,
Adrian Wan and Gordon Hunter (corpo-
rate commercial), Laura Smith (real estate
and financing), Stephanie Gutierrez (labour
and employment), Rose Chen (real estate),
Simon Coval (commercial litigation), Huy
Do (federal regulatory agencies), Brent Lew-
is (financing), Michael Coburn (tax), Ron
Ezekiel (environmental) and Sarah Good-
win (trademark).
Grouse Mountain was rep-
resented by Stikeman Elliott
LLP. e team from Stike-
man Elliott was composed of
Eric Carmona, Rachel Hut-
ton, Stephen Holinski (real
estate), Tara Watson (banking) and Gary
Clarke (employment).
SNC-LAVALIN COMPLETES
THE SALE-LEASEBACK TRANSACTION
OF ITS MONTRÉAL HEADQUARTERS
CLOSING DATE: JUNE 22, 2017
On June 22, 2017, SNC-Lavalin Group
(SNC) announced the completion of a sale-
leaseback transaction whereby SNC sold
its Montréal head office building and the
adjacent empty lot of land located on René-
Lévesque Boulevard West for approximately
$170 million to GWL Realty Advisors Inc.
on behalf of institutional clients (collectively,
GWL), and leased back the 21-storey build-
ing for 20 years.
Founded in 1911, SNC is one of the lead-
ing engineering and construction groups in
the world and a major player in the owner-
ship of infrastructure.
SNC provides engineering, procurement
construction, completions and commission-
ing services together with a range of sustain-
ing capital services to clients in our four in-
dustry sectors: oil and gas, mining and metal-
lurgy, infrastructure, and power.
GWL Realty Advisors Inc. is a leading real
estate investment advisor providing compre-
hensive asset management, property man-
agement, development and specialized real
estate advisory services to pension funds and
institutional clients.
SNC was represented in-house by Ciprian
Gligor and Kathryn Samaras. Miguel Man-
zano of Norton Rose Fulbright Canada
LLP represented SNC.
McCarthy Tétrault LLP advised
GWL. e McCarthy Tétrault team was
led by James Papadimitriou and Annie Ga-
gnon-Larocque (real estate), and included
A LOOK AT THE SALE OF GROUSE MOUNTAIN RESORTS, A COMPANY OWNED BY THE MCLAUGHLIN FAMILY SINCE 1989, TO GM
RESORTS, A NEW FIRM CREATED THIS YEAR THAT IS 60-PER-CENT OWNED BY CANADIAN INVESTORS; AND THE SALE LEASEBACK
TRANSACTION OF SNC-LAVALIN GROUP'S HEAD OFFICE IN MONTRÉAL TO GWL ON BEHALF OF INSTITUTIONAL CLIENTS
BIG REAL ESTATE
| REAL PROPERTY TRANSACTIONS OF IMPORTANCE |
