- Location: Victoria, BC
Sold for $50M
Ivanhoe Cambridge owned this iconic Canadian hotel located in the capital city of British Columbia. Despite its historic relevance there was a significant need for capital investment to comply with Fairmont brand standards. We believed this was a trophy asset and the most likely buyer would appreciate the prestige that would accompany ownership. Our target list included wealthy family offices and large regional commercial real estate investors along the west coast of Canada and the US.
The age and condition of the asset was our biggest challenge, and a sale triggered a structural seismic upgrade to the building. The family office that acquired the Empress valued the iconic profile of the hotel more than the effort and cost required to bring it back to a luxury standard. This was the first hotel acquired by this family office and they subsequently spent $60M to bring the property back to its former glory.