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Fund Buys Seven Canadian Hotels for $1B-Plus

TORONTO-Fairmont Hotels, which was bought in January for C$3.7 billion ($3.3 billion) sells seven Canadian hotels for about C$1.5 billion ($1.33 billion).

By Anita Howarth | Updated on October 06, 2006

TORONTO-Oxford Properties, the real estate arm of the Ontario Municipal Employees Retirement System, has bought seven Canadian Fairmont hotels from Fairmont Raffles for an estimated C$1.5 billion ($1.33 billion). The properties include three in Alberta, two in British Columbia and two in Quebec. They are:the Fairmont Banff Springs (Banff); the Chateau (Lake Louise); the Chateau (Whistler); the Jasper Park Lodge (Jasper); the Fairmont Vancouver Airport (Richmond); Le Château (Montebello); and the Kenauk at Le Château (Montebello).

In January, Fairmont Hotels & Resorts agreed to be bought by Colony Capital and a Canadian firm owned by Kingdom Hotels International for C$3.7 billion ($3.3 billion). The friendly merger was intended to fend off a takeover by US financier Carl Icahn.

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