The Banff National Park entrance is shown in Banff, Alta., Tuesday, March 24, 2020. Oxford Properties Group says it's acquired the Rimrock Resort Hotel in Banff. THE CANADIAN PRESS/Jeff McIntosh
June 14, 2023 - 10:49 AM
TORONTO - Oxford Properties Group says it's acquired the 330-room Rimrock Resort Hotel in Banff National Park.
The real estate firm says hospitality group Accor has signed with Oxford to operate the hotel, effective immediately.
Oxford, the real estate arm of the OMERS pension plan, says it's making a significant investment to renovate the hotel from top to bottom, though the hotel will continue to operate throughout the renovations.
The firm already owns the Fairmont Banff Springs, Fairmont Chateau Lake Louise, Fairmont Jasper Park Lodge and Fairmont Chateau Whistler hotels in Western Canada.
Oxford says the Rimrock, which sits four kilometres south of Banff, Alta., is its first hotel acquisition since 2014.
Tyler MacDonald, head of hotels and alternatives at Oxford, says in a news release that the acquisition of the Rimrock speaks to the company's long-term conviction in Canada's luxury resort hotel market.
This report by The Canadian Press was first published June 14, 2023.
News from © The Canadian Press, 2023