Vancouver: Quebec’s pension fund is unloading the Hotel (Fairmont) Vancouver as well as Toronto’s Royal York Hotel. Both Hotels owned by the real estate arm of the massive Quebec pension fund, the Caisse de dépôt et placement du Québec and managed by Fairmont Hotels and Resorts are up for sale.
The Hotel Vancouver, Vancouver’s most iconic hotel, is up for sale, as the Caisse de dépôt et placement du Québec continues to unload its hotel properties. Hotel Vancouver was built in 1939 on Burrard Street in Vancouver, was the tallest building in Vancouver when it opened.
The Royal York was hailed as the tallest building in the Commonwealth when it opened in 1929 and early guests included Winston Churchill, who visited Toronto in 1932.
Queen Elizabeth is one of many distinguished guests who has stayed at both the Royal York and Hotel Vancouver.
The Caisse has not revealed how much it expects to get for the properties, which it bought in 2007. Over the past few years, the pension plan has scaled down from ownership of 70 hotels to less than a dozen.