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Old Sep 3, 09, 9:44 pm   #16
 
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The Fairmont Algonquin in Saint-Andrews-by-the-Sea, NB, Canada is owned by the Province of New Brunswick and operated by Fairmont.
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Old Nov 20, 09, 8:48 pm   #17
 
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I thought Kingdom Hotels out of Dubai purchased Fairmont, Raffles and Swissotel. I've noticed that Orascom has been investing in a few of the new fairmont's going up.
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Old Nov 21, 09, 3:17 am   #18
 
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Fairmont is owned by Fairmont Raffles Hotels International, a hotel chain formed in 2006 and based in Toronto, ON. This company is owned by KHI (listed at LSE & NASDAQ Dubai, His Royal Highness Prince Alwaleed Bin Talal Bin AbdulAziz Alsaud is the majority shareholder) and Los Angeles based Colony Capital.
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Old Nov 21, 09, 3:21 pm   #19
 
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Whew...Glad one of us showed the drive of an intern and looked it up.
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Old Mar 9, 10, 6:52 pm   #20
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Fairmont is an operator, not an owner.

There is a huge difference. The owner of a property will select an operator that will promise him the highest yield. In the old days operators also owned most of their properties, but those days are long gone.
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Old Mar 9, 10, 7:29 pm   #21
 
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Fairmont as an entity does in fact own some properties.
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Old Mar 9, 10, 8:07 pm   #22
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I heard Ontario Teachers Pension now owns Banff Springs and Lake Louise.. Bought it from the Sheik. I guess Banff Springs has changed hands a couple of times.. lots of work to keep up these properties.. I mean just the refacing of Banff Springs ran multiple hundreds of millions of dollars. Thats why some of the rates (comparable to Best Western) is unreal.. These properties are worth a billion each or something, and to be able to stay in a hotel of this calibre for some of the prices we're seeing.. unreal.
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Old Mar 9, 10, 8:18 pm   #23
 
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Quote:
Originally Posted by Ancien Maestro View Post
I heard Ontario Teachers Pension now owns Banff Springs and Lake Louise.. Bought it from the Sheik.

Where did you hear this? OTP would have been required to disclose it. Also, Kingdom Hotels and Colony Capital probably would have disclosed it as well. (wouldnt have to)
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Old Mar 9, 10, 8:44 pm   #24
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Quote:
Originally Posted by CanuckFlyHigh View Post
Where did you hear this? OTP would have been required to disclose it. Also, Kingdom Hotels and Colony Capital probably would have disclosed it as well. (wouldnt have to)
http://www.thestar.com/Business/Inve...article/542992 article obsolete sorry.

http://www.pensionreview.on.ca/engli...ons/OMERS.html

A major real estate presence
Few funds (OMERS, Ontario Teachers’ Pension Plan, CPP Investment Board and the Caisse de dépôt et placement du Québec being notable ones) have the resources to acquire the economies of scale and professional expertise essential to success in the high-end real estate asset class. The most effective entry point is to acquire a large and successful real estate firm as the platform for diversification and sustained growth.

OMERS is represented in this asset class by Oxford Properties, a company with a long history as a property owner and manager. OMERS also has its own history in real estate dating back to the 1970s. After the acquisition of Oxford in 2001, we consolidated our three real estate companies (Oxford, OMERS Realty Corporation and the former Hammerson Canada) under the Oxford brand.

Through Oxford, OMERS owns an $8.5 billion portfolio of high-quality office buildings, shopping centres, hotels, industrial buildings and multi-residential properties. The portfolio includes interests in numerous notable high-quality assets such as the Royal Bank Plaza and Metro Centre office buildings and Yorkdale Shopping Centre in Toronto, Canterra Tower in Calgary, the Banff Springs and Chateau Lake Louise in Alberta and the Watermark Place development project in London, England.

In 2006, Oxford generated net investment income exceeding $1 billion.

I found this.. OMERS (Ontario Municipal Employees Retirement System).. so it must be that OMERS owns this.. will try to find some more articles..

Last edited by Ancien Maestro; Mar 9, 10 at 8:57 pm..
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Old Mar 9, 10, 9:02 pm   #25
 
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EDIT: After a little research, in 2006 OMERS purchased these 7 properties from Colony Capital (Owned by Kingdom).



http://www.omers.com/OMERS_updates/O...e_holdings.htm

Quote:

Fairmont Hotels and Resorts

OMERS, through its real estate investment arm Oxford Properties, recently acquired seven landmark hotels from Fairmont Hotels and Resorts.

The seven properties include: The Fairmont Banff Springs, The Fairmont Chateau Lake Louise, The Fairmont Chateau Whistler, The Fairmont Jasper Park Lodge, The Fairmont Vancouver Airport, Fairmont Le Château Montebello and Fairmont Kenauk at Le Château Montebello. The properties will continue to be managed by Fairmont, the largest luxury hotel company in North America.

“Introducing this new asset class into our real estate portfolio is very exciting for us,” said Mr. Haggis. “These resorts are strong performers and represent the highest quality in Canadian accommodations.”
And found this:
Quote:
In 2006, OMERS, through its real estate investment arm Oxford Properties, acquired seven landmark hotels from Fairmont Hotels and Resorts. The seven properties are:

* The Fairmont Banff Springs
* The Fairmont Chateau Lake Louise
* The Fairmont Chateau Whistler
* The Fairmont Jasper Park Lodge
* The Fairmont Vancouver Airport
* Fairmont Le Château Montebello
* Fairmont Kenauk at Le Château Montebello.

Last edited by CanuckFlyHigh; Mar 9, 10 at 10:27 pm..
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Old Mar 9, 10, 9:07 pm   #26
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Quote:
Originally Posted by CanuckFlyHigh View Post
Interesting. I know Oxford has some stake in Fairmont, because I work in a tower owned and managed by Oxford, and they have Fairmont promotions frequently. (They even emailed the NFAF with a booker ID to all tenants).

Just found this, dated August 22, 2009. I bet they bought this for a STEAL during the recession. Also, quite interesting that Capital would give up some of the most historic properties in the Fairmont portfolio.

I THINK this would also be required to be publicly disclosed by OMERS, I'll try to find the information (purchase price) at work tomorrow.

http://www.omers.com/OMERS_updates/O...e_holdings.htm
Imagine, our beloved iconic properties owned by Ontarians.. I knew the Ontarians were up to something after the NEP Oops, don't have to imagine, it is now reality!
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Old Mar 9, 10, 9:35 pm   #27
 
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In their 2006 annual report:

In September 2006, Oxford acquired
seven iconic hotel properties from
Fairmont Hotels and Resorts, allowing
it to further diversify its real estate
portfolio with a significant investment
in this new asset class. The hotels
include The Fairmont Banff Springs,
The Fairmont Chateau Lake Louise,
The Fairmont Chateau Whistler, The
Fairmont Jasper Park Lodge, The
Fairmont Vancouver Airport, Fairmont
Le Chateau Montebello and Fairmont
Kenauk at Le Chateau Montebello. The hotels will
continue to be managed by
Fairmont Hotels and Resorts. This
acquisition was partially funded with a
$1 billion increase in our commercial
paper program.



It appears that their cost of their real estate investments in 2005 was 2.35 Billion, and their cost of their RE intestments in 2006 was 4.70 billion. However, 3 investments were made, so can't find the price paid. (I am sure it is publically available, but im being lazy)
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Old Mar 9, 10, 9:45 pm   #28
 
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My love for real estate and hotels got the best of me. Looks like the 7 properties were scooped up for $1.5 billion

http://www.cbc.ca/money/story/2006/1...ausoxford.html

The purchase price for the recently concluded deal, while not confirmed by Oxford, was reported by the Globe and Mail to be $1.5 billion.


Another interesting note, the rest of the Fairmont portfolio was sold for $3.9 billion. Quite the return for Colony Capital, as 7 of the 54 properties they acquired, sold for 38% of their purchase price.

Quote:
Fairmont Hotels & Resorts agreed to be bought by Colony Capital and a Canadian firm owned by Kingdom Hotels International. The friendly merger was Fairmont's way of fending off a takeover by U.S. financier Carl Icahn.

Kingdom is owned by Saudi Arabian Prince Alwaleed bin Talal Abdulaziz Alsaud, one of the richest men in the world, while Colony Capital owns the Asian-based Raffles hotel chain.
Source: http://seattletimes.nwsource.com/htm...tbriefs30.html

EDIT: Yes, this is what I do in my spare time, and for a career. I just really love real estate

Last edited by CanuckFlyHigh; Mar 9, 10 at 10:28 pm..
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Old Mar 9, 10, 9:58 pm   #29
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It appears that their cost of their real estate investments in 2005 was 2.35 Billion, and their cost of their RE intestments in 2006 was 4.70 billion. However, 3 investments were made, so can't find the price paid. (I am sure it is publically available, but im being lazy)[/quote]

I remember the Sheik owning the properties, and divesting to Ontario Teachers Pension. So it wasn't that the Sheik didn't buy it.. he did, but I guess he wanted to own the reservation rights, and unloaded the properties.

No kidding, each hotel has like a 50 year management agreement with Fairmont at least. Fairmont also divested Kea Lani and Orchid down the line.. and for those who didn't know, Kea Lani is on land that was initially a 99 year leasehold agreement. Kea Lani building will eventually have to be given back.
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Old Mar 9, 10, 10:05 pm   #30
 
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Quote:
Originally Posted by Ancien Maestro View Post

I remember the Sheik owning the properties, and divesting to Ontario Teachers Pension. So it wasn't that the Sheik didn't buy it.. he did, but I guess he wanted to own the reservation rights, and unloaded the properties.

No kidding, each hotel has like a 50 year management agreement with Fairmont at least. Fairmont also divested Kea Lani and Orchid down the line.. and for those who didn't know, Kea Lani is on land that was initially a 99 year leasehold agreement. Kea Lani building will eventually have to be given back.
Yes, you are correct. It was actually Colony Capital that bought it. Colony Capital is owned by Kingdom, which is owned by that prince.

Last edited by CanuckFlyHigh; Mar 9, 10 at 10:29 pm..
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