British Columbia Investment Management Corporation (“bcIMC”) announced today that it has acquired Delta Hotels Limited (“Delta”) from Fairmont Hotels & Resorts Inc.
“We are very excited about this transaction as it creates a strong foundation from which to grow our brand and create opportunities for our employees. bcIMC is committed to building on Delta’s success with its long-term investment strategy and involvement in the real estate sector. We look forward to working with them to fully realize our vision,” said Hank Stackhouse, Delta’s President. “We will continue to welcome our loyal guests with the same warm and friendly service that has been the cornerstone of the Delta brand.”
“As Canada’s leading first class hotel brand, Delta is an ideal fit with bcIMC’s investment strategy to expand our diversified real estate portfolio to include hospitality. Delta’s brand recognition, experienced management and dedicated employees will be a strong complement to our diversified portfolio of assets and contribute to our ability to help finance the retirement benefits of more than 400,000 residents of British Columbia,” said Doug Pearce, bcIMC’s CEO & CIO. “We are delighted to be working with Delta and its management team to build on the company’s current success and to further expand its collection of properties.”
Bentall Capital LP and Avington acted as financial advisors to bcIMC. Blakes, Cassels & Graydon LLP and Lawson Lundell LLP provided legal advice to bcIMC. McCarthy Tétrault LLP provided legal advice to Fairmont Hotels & Resorts Inc.
