BANFF – Oxford Properties Group is selling a 50 per cent stake in its Fairmont hotels, including Chateau Lake Louise and the Banff Springs, according to media reports.
It is also selling a 50 per cent stake in Fairmont Chateau Whistler and Fairmont Jasper Park Lodge.
The company said it intends to keep an equity stake in the hotels, which will continue to operate under the Fairmont brand. Together the four properties have 2,200 rooms that draw 1.2 million guests a year.
“Oxford Properties is in the process of finding a strategic partner for its Fairmont resort hotel portfolio,” wrote Daniel O’Donnell, a spokesperson for Oxford Properties Group.
“Fairmont will continue to operate these hotels and they will remain under the Fairmont brand. As such, it will be business as usual for the hotels’ guests, visitors and surrounding communities.”
According to the company, the Toronto-based real estate firm bought the assets in 2006 as part of a larger deal and has since invested $300 million to improve environmental sustainability and the guest experience.
