Vancouver’s Fairmont Hotel has been acquired by West Vancouver-based Larco Enterprises for $180 million. The transaction of the 1939-built hotel pushes Larco’s hotel portfolio to 13 hotels, including eight in Ontario, four in Metro Vancouver and one in Las Vegas.
As VanCity Buzz reported, Fairmont Hotel Vancouver was among a number of Canadian hotel properties listed for sale in spring 2014 by Caisse de dépôt et placement. The 556-room Vancouver property, which will remain as a Fairmont-operated and branded hotel, was the last of three major hotel assets to be disposed of by Quebec’s pension fund.
In June 2014, Nat Bosa of Vancouver’s Bosa Development purchased the Fairmont Empress Hotel for an undisclosed amount.
InnVest Real Estate Investment Trust, a Canadian hotel franchisor, acquired an 80-percent majority stake of Toronto’s 1,363-room Fairmont Royal York Hotel for $186.5 million in October 2014. The deal also included a $50-million renovation.
Earlier this year, Marriott International purchased the Delta Hotels and Resorts brand for $168 million, making Marriott the largest full-service hotel chain in Canada.