InnVest Real Estate Investment Trust (InnVest) has finalized its purchase of the Ottawa Marriot Hotel located downtown in the capital city’s central business district and Parliament district.

The upscale hotel has undergone major renovations and upgrades over the last five years, and will have direct connection to the new Confederation Line Light Rail Transit (LRT) network expected to be completed in 2018.

489 guest rooms grace the full-service hotel, along with more than 35,000 square feet of function space in 22 rooms, including a revolving rooftop facility.

There’s also a 130-seat restaurant, an indoor heated pool and sauna, fitness club, business centre and lobby market.

The purchase price was listed at $115,000,000, while Colliers facilitated the deal.

InnVest announced the deal last year, with Drew Coles, president and chief executive officer of InnVest, stating that the transaction is a significant step in advancing the company’s strategy to invest in high-quality assets.