MUSKOKA, Ont. — The Muskoka, Ont.-based Deerhurst Resort, one of the country’s largest resorts and site of the 2010 G8 Summit, has been sold for $26 million to Gil Blutrich, president and CEO of Skyline International Development.
The 431-room property was put on the market last July by U.S. owners Cornerstone Real Estate Advisers, LLC, Mass Mutual Financial Group and an institutional company. The resort includes two 18-hole golf courses, some 40,000 square feet of meeting and exhibition space, a private airport and 95 serviced lots. The sale is expected to close within 30 days.
Last year Blutrich, along with partners, purchased the King Edward hotel in Toronto for $48 million. Skyline also owns the Pantages and Cosmopolitan hotels in Toronto and the president has been purchasing properties in other parts of Ontario’s cottage country, including Horseshoe Valley ski and golf resort and much of the land in Port McNicoll, which includes a master plan 3,000 homes and 600 hotel rooms.
Deerhurst was purchased by the selling group in 1998 for $21.2 million, while a reported $60 million was spent on upgrades. The federal government also added more than $50-million worth of infrastructure improvements in the Muskoka area before the G8 Summit.