BANFF – Banff’s Rimrock Resort Hotel, which is under the new ownership of a multi-national corporation growing its luxury resort portfolio, will be undergoing a massive renovation.
On June 13, Oxford Properties Group, a global real estate investor, asset manager and developer, announced its purchase of The Rimrock, alongside an existing institutional capital partner.
Accor, the second largest luxury operator in North America, which has the Fairmont Banff Springs Hotel and Chateau Lake Louise in its portfolio, has signed with Oxford to operate The Rimrock, effective immediately.
Officials say the property will undergo a “comprehensive top to bottom renovation to transform the hotel” as part of a significant, but undisclosed investment, noting the design for the renovation project will begin immediately, with work anticipated to begin in 2024
Gregor Resch, Fairmont’s regional vice-president for Canada’s Western Mountain Region – Banff Springs, Chateau Lake Louise, Jasper Park Lodge and Chateau Whistler – said they are delighted to have the Rimrock join the Accor team.
“With a shared vision for the revitalization of the property, backed by Oxford’s reinvestment in the hotel, and Accor’s global reach and proven expertise in luxury, we are excited to be embarking on this transformative journey for The Rimrock together,” he said in a media release.
In the interim, The Rimrock Resort Hotel is open. The Rimrock, which sits outside the Town of Banff on Sulphur Mountain, pays taxes to Improvement District No. 9 and is subject to Parks Canada development regulations.
The Rimrock boasts 330 guestrooms, including 24 luxurious suites, 18,000 square feet of event space, a 9,000 square foot spa, an indoor pool, a fitness centre, and a seasonal ice-skating rink.
The hotel is also home to four restaurants and bars, including the Five Diamond designated restaurant, Eden.
The Rimrock represents Oxford’s first hotel acquisition since 2014, but its 30th property in Canada.
“We are very excited to acquire this extremely unique resort within the vibrant, high barrier to entry Banff market,” said Tyler MacDonald, head of hotels and alternatives at Oxford Properties, in a news release.
