Quebec’s pension fund manager is making moves to exit the hotel business, and according to News 1130 it will be announcing Friday that it is selling all of its locations except for three luxury hotels in its home province.
Landmark Fairmont hotels Royal York in Toronto and Hotel Vancouver will go on the block Monday and join five other locations destined for sale. They are Fairmont hotels in Victoria, Barbados, Seattle and Washington, DC, along with the Hilton Downtown Atlanta.
The Caisse de depot said its hotel holdings will be whittled down to Montreal’s Queen Elizabeth Hotel which will be renovated, the refurbished Chateau Frontenac in Quebec City and the W Montreal adjacent to its headquarters.
Real estate subsidiary Ivanhoe Cambridge has been selling its portfolio of 70 hotels in Europe, the US, Canada, Barbados and India for about two years to concentrate on retail, office and residential multi-family units that generate more stable returns.
Among the hotels already sold are Ottawa’s Chateau Laurier.