Oxford Properties buys 7 Canadian hotels from Fairmont Raffles
Oxford Properties, the real estate investment subsidiary of the Ontario Municipal Employees Retirement System, has purchased seven Canadian Fairmont hotels — including the Banff Springs andChateau Lake Louise— from Fairmont Raffles.
Thelist of high-profile properties include three in Alberta, two in British Columbia and two in Quebec:
- The Fairmont Banff Springs in Banff, Alta.
- The Fairmont Chateau Lake Louise in Lake Louise, Alta.
- The Fairmont Chateau Whistler in Whistler, B.C.
- The Fairmont Jasper Park Lodge in Jasper, Alta.
- The Fairmont Vancouver Airport in Richmond, B.C.
- Fairmont Le ChÃ¢teau Montebello inMontebello, Que.
- The Fairmont Kenauk at Le ChÃ¢teau Montebello inMontebello, Que.
The purchase price for the recently concluded deal, while not confirmed by Oxford, was reported by the Globe and Mail to be $1.5 billion.
In January, Fairmont Hotels & Resorts agreed to be bought by Colony Capital and a Canadian firm owned by Kingdom Hotels International. The friendly merger was Fairmont's way of fending off a takeover by U.S. financier Carl Icahn.
Kingdom is owned by Saudi Arabian Prince Alwaleed bin Talal Abdulaziz Alsaud, one of the richest men in the world, while Colony Capital owns the Asian-based Raffles hotel chain.
Reports emerged in June that the Banff Springs hotel was on a list of properties that Fairmont Raffles had put up for sale.