Oxford Properties Group, a Canadian real estate investment, development and management company, acquired The Rimrock Resort Hotel in Banff, Alberta, for 168.5 million Canadian dollars ($126.9 million), according to a company news release Wednesday and CoStar data.
The 333-room hotel, which is located in the Banff National Park along the Canadian Rockies, will be operated by Accor, effective immediately.
“We are very excited to acquire this extremely unique resort within the vibrant, high-barrier-to-entry Banff market. Our acquisition of The Rimrock speaks to our long-term conviction in Canada’s luxury resort hotel market, where we have meaningful scale,” Tyler MacDonald, head of hotels and alternatives at Oxford Properties, said in the news release. “It also grows our important relationship with Accor, offering world-class resort experiences in renowned destinations across Western Canada.”
The Rimrock Resort Hotel is Oxford Properties’ first hotel acquisition since 2014 and will be the seventh hotel in its portfolio. The property is Accor’s 30th property in Canada.
“We are thrilled to continue [Accor's] growth in North America, and further our longstanding relationship with Oxford with this exceptional addition to our Accor portfolio. Already a tremendous property, we can’t wait to unveil what is to come,” Mark Purcell, senior vice president of development in North and Central America, said in the news release.
The property will undergo a “comprehensive top to bottom renovation” that will “enhance the luxury experience available to guests,” but will remain open during the transformation. Planning and design of the renovation will begin immediately with the hopes of starting it in 2024.