It’s reported that Oxford Properties Group could receive $1 billion for a 50% stake in several hotel properties in British Columbia and Alberta.
The Fairmont resort hotels in Whistler, BC, and Lake Louise, Banff, and Jasper, Alberta, are being marketed by JLL according to a source reported by Western Investor.
Oxford has confirmed the sale but has not commented on the potential transaction value.
After the sale of the stake, Oxford will continue to manage the hotel portfolio as part of its $26 billion in Canadian assets that it manages as the real estate investment unit of OMERS pension plan.
Oxford Properties Group’s portfolio includes MNP Tower in Vancouver, EY Tower in Toronto, Rue Blanche in Paris, The Royal Exchange in London, and Hudson Yards in New York.