|By Marketwired .||
|July 3, 2014 05:28 PM EDT||
VICTORIA, BRITISH COLUMBIA and TORONTO, ONTARIO -- (Marketwired) -- 07/03/14 -- Ivanhoe Cambridge has sold The Empress Hotel in Victoria, British Columbia to Mr. Nat Bosa, a well-known real estate developer, and his wife Mrs. Flora Bosa.
"The Empress is one of the great hotels - truly a national treasure," said Curtis Gallagher, Vice President of Hotel Investments for Cushman & Wakefield. "It is beyond being 'just an asset' - it is a landmark and we're pleased that we've found buyers who appreciate the hotel for what it is."
The hotel, which opened in 1908 as a railway hotel servicing the Canadian Pacific's steamship line, has 477 rooms, four restaurants and a conference facility which was added in 1989. In the mid-1960s the hotel faced possible demolition in order to build a more modern hotel on the site. A significant local protest stopped the demolition plan and instead a major renovation and renewal project was launched.
"Victoria's history is built around The Empress. Royals and celebrities from around the world have enjoyed their stays in this grand building," said Tim Sommer, Senior Vice President, Investment Sales for Cushman & Wakefield's Capital Markets Group. "Ivanhoe Cambridge and Fairmont Hotels have done a tremendous job in managing this property, and we look forward to seeing Fairmont continue to manage the site under the new owners."
Cushman & Wakefield managed the marketing of this property on behalf of Ivanhoe Cambridge. The details of the transaction, including the selling price, remain confidential at the request of the principals.
The Victoria office of Cushman & Wakefield has been open since early 2010 under the leadership of Anne Tanner, Vice President, and continues to expand its reach and service lines. In addition to The Empress Hotel, significant recent transactions have included the sale of Eagle Creek Village Shopping Centre and the recent awarding of two asset sales as part of the League Assets disposition proceedings.
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.
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