Legacy Hotels sold in $2.5B deal

Legacy Hotels Real Estate Investment Trust, owners of the Fairmont Royal York and Quebec City's the Fairmont Le Chateau Frontenac, agreed yesterday to be acquired in an all-cash deal valued at $2.5-billion, including debt. The Caisse de depot et placement du Quebec, Westmont Hospitality Group, and InnVest Real Estate Investment Trust have partnered to acquire all of the shares in Legacy.