Nat Bosa, the developer of the two-tower Insignia project in downtown Seattle, and his wife have purchased the Fairmont Empress in Victoria, British Columbia, for an undisclosed amount, reports the Puget Sound Business Journal. However, the hotel is valued at $89.9 million Canadian by BC Assessment.
Cushman & Wakefield managed the sale for Ivanhoe Cambridge, the seller. Ivanhoe Cambridge is a real estate subsidiary of the Caisse de depot et placement du Quebec, a large institutional fund manager whose clients are mostly public and private pension funds and insurance companies.
The 477-room Empress opened in 1908.