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Rimrock Resort $170M sale caps heady half for hotel deals

Oxford’s off-market deal signals a post-pandemic recovery in asset investments during first six months of 2023
Oxford’s off-market deal signals a post-pandemic recovery in asset investments during first six months of 2023. | Oxford Properties

The Rimrock Resort Hotel in Banff, Alberta, has been purchased by Oxford Properties of Toronto, and capital partner Accor, based in France, for $170 million in an off-market deal.

Oxford is the real estate investment arm of the Ontario Municipal Employees Retirement System. Accor is an international developer and property management firm in the hospitality sector.

The Rimrock Resort Hotel, at 300 Mountain Way, Banff, is located within Banff National Park, about four kilometres from downtown Banff. It originally opened in 1884 as a two-storey, six-room hotel, and has since grown to more than 330 rooms, 18,000 square feet of event space, a large spa, and amenities ranging from multiple restaurants and pools to a fitness centre and skating rink.

Oxford says that it and Accord plan a “significant investment” including a “comprehensive top-to-bottom renovation” of the landmark property.

“The investment will enhance the luxury experience available to guests in Banff National Park, improve the environmental sustainability of the hotel, and amplify The Rimrock’s distinctive location in the famed Canadian Rockies,” Oxford said.

The Rimrock sale, which closed June 13, 2023, capped a busy six months for hotel acquisitions, which also saw the recent sale of the Fairmont Hot Springs Resort in B.C.’s Interior for $40 million and the $13.9 million Coast Osoyoos Beach Hotel, Osoyoos, B.C.

Sales earlier this included the 235-room Wyndham Edmonton Hotel & Conference Centre, Edmonton, the 99-room Holiday Inn, Canmore, Alberta, the 36-room Hotel Penticton, Penticton, B.C., and the 176-room Best Western Plus Kelowna Hotel, Kelowna, B.C.

Based on the strong performance of first-quarter transactions –  with a total national  dollar volume of $335 million – Colliers is forecasting Canadian hotel property sales could reach $2 billion in 2023