Quebec-based Cassie de depot to sell the Houtel Vancouver, Fairmont Empress

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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

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.

Suggested Articles

Thomas C. Morey will retain his role as general counsel on an interim basis until his successor is appointed.

This week has been about the economy and budget sector, the planet and whether the Reuben Brothers go clubbing a lot.

The budget hotel sector has seen its focus expand to look not only at price, but at design and concept, as guests have become more demanding.