British Columbia Investment Management Corporation (bcIMC) is buying Delta Hotels Limited from Fairmont Hotels & Resorts Inc.
Financial terms of the deal have not been disclosed.
“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,” says Doug Pearce, bcIMC’s chief executive and chief investment officer.
The acquisition of Delta comes just a couple months after the fund announced it would acquire Canadian Hotel Income Properties Real Estate Investment Trust for $1.2 billion, including debt.
Delta has a portfolio of more than 40 city centre and airport hotels and resorts.
Fairmont, once part of Canadian Pacific Ltd., was taken private last year by Colony Capital and Kingdom Hotels International.