Oxford Properties Expands in Banff
Posted on 06/22/2023
Oxford Properties Group is owned by OMERS, of Ontario Canada. OMERS is a defined benefit pension plan with CA$ 124.2 billion under management. OMERS invests in public market, infrastructure, private equity, venture capital, and real estate. OMERS seeks long duration consistent returns.
Oxford Properties’ latest acquisition is The Rimrock Resort Hotel. It is located in Banff, Alberta. Banff National Park is the main tourist attraction in the area. Accor is a hospitality manager in Alberta and will operate the resort for Oxford. The first goal will be to renovate the entire hotel. However, the hotel is open despite the renovation being scheduled. The Rimrock has been in operation since 1884. It has 354 rooms. Oxford simultaneously announced that French multi-national hospitality company Accor SA signed on as the operator of the Rimrock. OMERS is reportedly paying C$ 170 million for the property.
Tyler MacDonald, Head of Hotels and Alternatives at Oxford Properties, said: “We are very excited to acquire this extremely unique resort within the vibrant, high barrier to entry Banff market. Our acquisition of The Rimrock speaks to our long-term conviction in Canada’s luxury resort hotel market, where we have meaningful scale. It also grows our important relationship with Accor, offering world class resort experiences in renowned destinations across Western Canada.”
Mark Purcell, Senior Vice President, Development, North & Central America said: “With The Rimrock Resort Hotel, we officially mark our 30th property in Canada, further extending our offerings for Accor guests, from the landmark properties of Fairmont Hotels & Resorts, a globally celebrated luxury brand with roots that run deep from coast to coast, to the unique stories told by the MGallery Hotel Collection, to our family- and business-friendly Novotel properties.”
MacDonald then added: “Our mountain resorts have operated within Canada’s National Parks for over 130 years, and we recognize the enormous privilege and responsibility that comes with this. As such, we’re committed to improving upon both the environmental sustainability and guest experience at The Rimrock. These two goals have been at the core of our investment thesis at our existing mountain resort hotel portfolio, which has seen us invest over CA$ 500 million since 2006, resulting in our hotels winning multiple environmental awards and becoming internationally recognized for their guest experience.”
In 1988, The Rimrock Resort Hotel Corporation purchased the Rimrock Inn and began to make way for the new Rimrock Resort Hotel.
Keywords: Ontario Municipal Employees Retirement System.
