OXFORD Properties Group is planning to sell a 50 per cent stake in its Canadian Fairmont hotels in a deal that could be worth more than C$1 billion , according to a person with knowledge of the plans.
With more than 2,200 rooms that draw 1.2 million guests a year, they have roots dating to the dawn of the country's train travel in the late 1800s.Oxford, the real estate unit of Canadian pension fund OMERS, has hired Jones Lang LaSalle to help sell the stake, said the person, who asked not to be identified because the matter is private.Oxford confirmed its plan to sell a stake but declined to comment on the size of the sale or how much it could fetch.
Oxford plans to retain an equity stake and manage the assets and the hotels will continue to operate under the Fairmont brand. In the past five years, Oxford has boosted assets under management in Canada by 35 per cent to more than C$26 billion. The firm has invested more than C$300 million in improving the hotels since it bought them.
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