Larco purchases Fairmont Hotel Vancouver for $180 million
MAY 25, 2015: The sale of downtown Vancouver’s iconic Fairmont Hotel Vancouver property marks another major shift in the local hospitality industry. West Vancouver-based Larco Enterprises has purchased the 1939-built hotel for a sum of $180 million, a source told Vancity Buzz.
The transaction boosts Larco’s hotel ownership to 13 properties including eight in Ontario, four in Metro Vancouver and one in Las Vegas.
Fairmont Hotel Vancouver was among a number of Canadian hotel properties listed for sale in spring 2014 by Caisse de dépôt et placement. The 556-room Vancouver property, which will remain as a Fairmont-operated and branded hotel, was the last of three major hotel assets to be disposed of by Quebec’s pension fund.
Ismailimail 