This just in: according to A-Channel News Victoria, the Delta Ocean Point Resort amongst other downtown hotel properties have been listed for sale. According to the RE investment group the hot RE market has presented a unique opportunity to sell these properties.
I'm guessing the hyper-inflated price of RE in Victoria coupled with the decrease in tourism equates to "unique opportunity".
When the big boys of RE investing sell can the rest of us take this as a sign of the top?
UPDATE: After some digging, it turns out that the Delta and Harbour Towers are both owned by CHIP REIT. There are no announcements on their website regarding this news.
FURTHER UPDATE: This article in the Toronto Star suggests that every asset of CHIP is for sale, as is the trust itself. It seems that this decision has more to do with tax law than RE market status.
"Citing changes in federal taxation of income trusts, Canadian Hotel Income Properties Real Estate Investment Trust (TSX: HOT.UN) has signalled it's for sale"Why did A-Channel reference "hot market conditions" as a possible reason?
FURTHER FURTHER UPDATE: The Vancouver Sun has this article that also suggests that CHIP may be selling because of hot market conditions.
I'm thinking I'm reading too much into this. If I was a trust holder I'd probably be happy with both the performance of my units and the potential sales of these properties. Makes sense.