Archive for July, 2013

Fairmont Château Laurier listed for sale as owners sell off assets

July 20, 2013

Fairmont 

Fairmont Château Laurier listed for sale as owners sell off assets

3
Fairmont Château Laurier listed for sale as owners sell off assets

The Fairmont Château Laurier has been listed for sale.

Photograph by: Jean Levac , Ottawa Citizen

OTTAWA — The Fairmont Château Laurier, Ottawa’s landmark hotel, has been put up for sale by its Montreal-based owners as part of a strategy to dispose of multiple real estate assets in North America and Europe.

While the Château Laurier carries the Fairmont name, it is owned by Ivanhoé Cambridge, a real estate company that, according to its 2012 Activity Report, owns 36 hotels globally as well as numerous office buildings, residential buildings and shopping centres.

According to the report, Ivanhoé Cambridge has an estimated $30-billion worth of real estate assets. They also own 50 per cent of Ottawa’s Bayshore Shopping Centre.

Ivanhoé Cambridge is a subsidiary of the pension fund Caisse du dépôt et placement du Québec.

Sébastien Théberge, a spokesman for Ivanhoé Cambridge, could not comment on when the Château Laurier was listed and could not comment on why the company began a divestiture of its assets in the past year.

“In 2012, Ivanhoé Cambridge identified (the Château Laurier) as non-strategic and the disposition is taking place in an orderly manner,” he said.

Théberge said that more than 20 hotels have been sold in Canada and North America in the past year, and that since January, a Hilton in downtown Toronto and four hotels in Paris have been sold.

He also said the company expects to sell more hotels in its Europe portfolio.

Along with the Château Laurier, Ivanhoé Cambridge also listed the Fairmont Washington D.C. for sale.

While Théberge would not disclose how much either property is listed for, Real Estate Alert — a U.S. company that monitors major real estate transactions — suggests the Château Laurier has a value of $125 million and the Fairmont Washington D.C. has a value of $185 million.

And though a potential buyer has not been identified, it isn’t likely the name of the hotel will change.

A similar situation occurred in 2006 when Fairmont Hotels & Resorts sold the Fairmont Kenauk at Le Château Montebello in Quebec. The hotel was sold to Oxford Properties, but continued to bear the Fairmont name and management.

The Montebello hotel was also recently put up for sale with a price tag of $81 million.

In many instances, Fairmont hotels are owned by third parties, but only managed by Fairmont Hotels & Resorts,

Of the 20 Fairmont locations in Canada, six of them are owned by Ivanhoé Cambridge, including the Château Laurier.

The 429-room Ottawa hotel has been open since 1912 and was named after former prime minister Sir Wilfrid Laurier.

dfenton@ottawacitizen.com

twitter.com/drakefenton

 Château Laurier listed for sale as owners sell off assets.

Unless your name is oil, you are FUCKED

July 12, 2013

Our daughter who has worked for an American Call Centre located in Orillia ON is about to go on Maternity leave. 
To thank her for 10+ years of service the company laid her off. 
That is why I have been telling her to only work in Unionized work site.
Unfortunately this is happening all around the country thanks to stevie’s policies.
Unless your name is oil. You are FUCKED!!!!!!!!!!!

DO WE REALLY NEED OIL????

July 8, 2013

The huge train derailment and fire in Quebec proves that Canada must, end it’s
dependency on oil. If we ship it by rail, truck or stevie’s beloved pipelines it is a disaster waiting to happen. It could be explosion like they other day or huge leaks.
Imagine that in tanker off a Canadian coast.
Who wants that in their back yard. other than republicans & liberals who all want pipelines. We need more solar power.
That does not hurt the environment.
Our grand kids and and their children have a chance to grow up in a clean Canada and maybe even the world.

DOUG McLELLAN

ORILLIA, ON CANADA