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MONCTON, NEW BRUNSWICK-Legacy Hotels has inked a deal to acquire the 310-room Delta Beausejour hotel here for $18.15 million (Canadian 21.2 million). The Totonto-based REIT already holds the leasehold interest in the property, which is set to expire in 2015. The company says it will invest an additional $6 million to renovate and reposition the hotel.

The hotel is located in Moncton’s Downtown core. Amenities include 15 meeting rooms totaling 24,000 sf, an indoor pool, fitness center and two full-service restaurants. Legacy expects to finance the acquistion and renovation by obtaining a $25-million mortgage on the property. Closing is anticipated in March 2007.

Legacy is one of Canada’s largest luxury lodging REITs. It owns 25 hotel properties including Fairmont Le Chateau Frontenac, The Fairmont Royal York, The Fairmont Empress and The Fairmont Olympic Hotel, Seattle.

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