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Real estate transactions: PHI Hotel Group expands holdings

PHI Hotel Group has recently expanded its portfolio. The company has increased its holdings by snatching up properties in Alberta since it says it believes in what the province has to offer. PHI's latest real estate transactions in the Wild Rose province include the opening of new hotels in Edmonton West, bringing its total to 12 in the province overall with plans to expand its footprint further.

The company president said the company has exceeded its underwriting goals when it comes to business in Alberta. PHI owns 24 properties in both Alberta and B.C. He said PHI opens hotels in areas where there aren't many, citing Edmonton West as an example. As such, these properties absorb a bigger market share than older, more established ones.

A hotel PHI opened in Grand Prairie, Alberta, is one of the most successful in the country. Even though Alberta has been in an economic recession, PHI's president said there was never a time when one of the company's holdings went below an 80 per cent occupancy rate. He added that the right product will do well in any economic environment, stating that creating new products where there weren't any makes a big difference, even when the oil industry continues to have problems.

Whether buying or selling residential, commercial, investment or industrial real estate, real estate transactions can be complicated. These deals can often be confusing when it comes to the law in Canada. A lawyer's acumen and experience may help clients in contracts that must adhere to those laws both provincially and federally. 

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