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TORONTO, ON—Toronto’s Royal York Hotel and the Hotel Vancouver have been put up for sale by pension plan management firm the Caisse de dépôt et placement du Québec, as it exits the hotel real estate business.
Managed, along with the Hotel Vancouver, by Fairmont Hotels and Resorts, the Royal York opened in 1929. When it launched, the luxurious property featured more than 1,000 rooms among its 28 floors. The Hotel Vancouver opened in 1939 in time for a visit by King George VI and Queen Elizabeth.
Recently, the Caisse, which manages nearly $300-billion in assets, has been shedding high-profile hotels as it moves away from what is considered the riskier side of the real estate business. Last year the pension plan sold Ottawa’s Chateau Laurier and has put the Empress hotel in Victoria on the selling block. It has also sold more than a dozen properties in the U.S. and Europe.