The Hotel Vancouver, Victoria Harbour’s Empress Hotel and Toronto’s Royal York are being listed for sale as part of Caisse de dépôt et placement’s strategy to exit the hotel ownership business.
Quebec’s pension fund, the second largest pension fund in the country, owns some of Canada’s most historic and iconic buildings. Many of its hotel properties, including those in Vancouver, Victoria, Toronto, Ottawa, and Montreal, are managed by Fairmont Hotels and Resorts.
Over the past several years, Caisse de dépôt et placement has reduced its hotel ownership from 70 to less than 12.
The landmark properties were purchased in 2007 as part of a $2.5 billion acquisition deal of Legacy Hotels Real Estate Investment Trust’s portfolio of 25 hotels.
The Quebec pension fund has over $200 billion in investments. The list prices of the properties is not known.
The current Hotel Vancouver, the third iteration of the ‘Hotel Vancouver’, was completed in 1939 while the Empress Hotel opened in 1908.
Featured Image: Hotel Vancouver via Shutterstock