Oxford, the real estate arm of Canadian pension fund Omers, is expected to retain a minority stake in the assets and manage the properties.
A representative for Toronto-based Oxford declined to comment. GIC didn’t immediately respond to an email request for comment outside Asian business hours. A representative for brokerage firm Jones Lang LaSalle Inc, which is handling the sale, declined to comment.
Bloomberg reported in May that Oxford was planning to sell a 50% stake in its Fairmont hotels in Whistler, British Columbia, and Lake Louise, Banff Springs and Jasper Park in Alberta. The hotels have more than 2,200 rooms that draw 1.2 million guests a year, with roots dating to the dawn of the country’s train travel in the late 1800s.
