- Select acquired Four Points by Sheraton in Kingston Ontario with 169 rooms, 14,000 sf of function space, restaurant, underground parking.
- Transaction was completed with Select’s partner Concord Hospitality, a leading developer and operator.
- Hotel was family operated and presented opportunities for revenue management and sales activities.
- Operating efficiencies and enhancement of public areas also part of strategy to improve performance.
Post Acquisition Performance
- Financial performance of hotel improved significantly.
- Occupancy increased by 8.2% and RevPAR by 5.3% in first year of operation after acquisition.
- Net operating income increased 122% in first year and further 17% in second year.
- Ability to improve financial performance within short period demonstrates execution capabilities.
- Independent appraisal showed 44% gain in two years over acquisition price and renovation cost.