OTTAWA—The Fairmont Château Laurier Hotel is under new
The Capital Hotel Limited Partnership, an affiliate of
Vancouver-based, privately-held Larco Investments, took over the 429-room hotel
on Nov. 1.
According to the Ottawa Citizen, a company spokesperson
was quoted in public statements as saying no visible changes were intended for
the hotel and that refurbishing will continue over time.
The 429-room hotel, located near Parliament Hill, opened in
1912 and was named for the seventh prime minister of Canada, Sir Wilfred
A price wasn’t disclosed for
the transaction. Real Estate Alert, a U.S. company that monitors major real
estate transactions, suggested the Château Laurier has a value of $125 million.
Ivanhoé Cambridge, Montreal-based real estate subsidiary of
the Caisse du dépôt et placement du Québec, put the landmark Ottawa hotel on
the market in July.
The company’s decision to sell most of its hotels – with the
exception of Château Frontenac in Quebec City and Montreal’s Queen Elizabeth Hotel
– was announced earlier in February.