InnVest Real Estate Investment Trust (InnVest) has completed its acquisition of the Hyatt Regency Vancouver for $140 million, or $217,000 per room.

Edward Pitoniak, InnVest’s chief executive officer, said he was pleased with the new portfolio addition. “This acquisition gives us a leading presence in Vancouver, one of Canada’s top hotel markets, and also drives our strategic priorities of increasing our portfolio quality and scale while improving our balance sheet through a conservative financing structure,” he said.

The Hyatt location at Burrard Street and West Georgia Street in downtown Vancouver is comprised of 20 suites and 644 rooms, some of which are the largest standard guestrooms in Vancouver.

Built in 1973, the 35-floor hotel also provides 40,000 square feet of meeting space and three food and beverage outlets.

InnVest purchased the hotel from a Hyatt Hotels Corporation affiliate, which will continue to provide management services to the hotel under a new long-term management contract.