CLV Group has acquired reStays, a luxury boutique extended-stay hotel and mixed-use property in downtown Ottawa.

The acquisition covers 101 Queen St. and 110 Sparks St., near Parliament Hill. The property includes 111 furnished hotel suites, 19 residential condominium units, 20,440 SF of retail space, underground parking and storage.

reStays, which opened in 2021, offers apartment-style suites with kitchens and laundry facilities for short and extended visits. The hotel describes itself as a luxury boutique property, although the transaction extends beyond the hospitality operation.

The site is structured across four condominium corporations and is subject to a long-term ground lease with the National Capital Commission.

The property entered receivership after Ashcroft Urban Developments failed to repay financing from CMLS Financial. Court documents put the secured debt at about $52M when proceedings began.

The Ontario Superior Court of Justice approved the sale in late July. TD Securities Real Estate Group, which advised receiver AlixPartners, publicly identified the CLV-managed partnership as the buyer this week.

The sale price remains sealed under the court process and neither CLV nor TD disclosed a value.

The deal gives Ottawa-based CLV exposure to hospitality, residential and street-level retail uses within one recently completed downtown asset.