Artis Real Estate Investment Trust will acquire an 85% interest in the retail component of the Hilton Whistler Resort and Spa.
The property is located in the heart of Whistler Village, on the popular Whistler Village Stroll and directly across from the Whistler/Blackcomb gondolas. The property benefits from exceptional exposure to 2 million annual visitors, who collectively represent some $1 billion in tourism spending per annum. The 39,510 square foot, three-story retail complex is tenanted with several national tenants including Guess, L’Occitane, and Rocky Mountain Chocolate Factory, as well as a number of long-term local tenants such as Summit Ski Ltd., who have been a tenant in the property for almost 25 years.
The purchase price of $26.8 million for the 85% interest, which represents a going-in capitalization rate of 6.9%, is expected to be financed from cash on hand and by way of a new $17.4 million five-year mortgage bearing interest at a fixed rate estimated to be 3.75%. The purchase price includes excess lands on the site, which provide an opportunity for future development.
The acquisition is anticipated to close on or about June 14, 2012.
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