Luxury Banff resort bought by Ontario pension for US$128M
BNN Bloomberg
One of Canada's biggest pension funds bought a luxury resort in the Rocky Mountains as tourism’s recovery continues to defy predictions of an economic slowdown.
Oxford Properties, the real estate arm of the pension representing municipal workers in Ontario, has purchased the Rimrock Resort Hotel in Canada’s Banff National Park, according to a statement seen by Bloomberg News.
The firm is paying $170 million (US$128 million) for the property, said a person familiar with the matter, who asked not to be identified citing private information. An Oxford spokesperson declined to comment on the price.
After grinding to a near halt during the COVID-19 pandemic, global tourism has rebounded as consumers prove eager to spend savings on long-delayed experiences and travel. That pent-up demand has so far helped many owners weather historic increases in interest rates over the past year by central banks trying to tamp down inflation.
