Ottawa's Fairmont Chateau Laurier Hotel for sale
Ottawa's Fairmont Chateau Laurier hotel, worth an estimated $125 million, is up for sale.
Ottawa’s ritzy Fairmont Chateau Laurier, a historic landmark named for Canada’s seventh prime minister, is for sale.
The 429-room hotel is owned by Ivanhoé Cambridge, a real estate subsidiary of the Caisse de dépôt et placement du Québec, which manages institutional funds in that province.
A spokesperson with the Montreal-based company confirmed Friday the property is for sale. Sébastien Théberge could not disclose the hotel’s price, but in a report released this week by the U.S.-based investing information website Real Estate Alert estimated its value at $125 million.
“A buyer could renovate the rooms to boost its yield,” says the website. “Also, there is space to add an estimated 250,000 square feet (about 23,226 square metres) of additional hotel rooms or residences.”
The Ottawa hotel, which is just east of Parliament Hill, celebrated its 100th anniversary last year. Slated to open on April 26, 1912, the official launch was postponed until June after owner and Grand Trunk Railway president, Charles Melville Hays, died in the sinking of the Titanic. It is named after Sir Wilfrid Laurier and features a lounge named for his wife Zoe.
Another property, the Fairmont Washington D.C. Georgetown, is also for sale. Its value, as estimated by Real Estate Alert, is $185 million.
According to its 2012 Activity Report, Ivanhoé Cambridge’s portfolio focuses on shopping centres, office buildings and multi-residential properties.
The company launched a divestiture program in 2011 to dispose of what it calls “nonstrategic assets.” It has sold more than 20
“We’re a long-term institutional real estate investor and our objective is to generate attractive returns for our shareholders,” Théberge said in an email to the Star.
Last year’s report states the Fairmont Le Chateau Frontenac, in Quebec City, the Fairmont The Queen Elizabeth and W Montreal Hotel, both in Montreal, will not be part of the divestiture program.
“These properties are an integral part of the company’s Quebec portfolio for the long term,” says the report.
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