MONTREAL — Ivanhoe Cambridge is shopping Ottawa’s Fairmont Chateau Laurier and D.C’s Fairmont Washington for a combined value of approximately $310 million, reports the Financial Post.
Ivanhoe Cambridge, the real-estate subsidiary of the Caisse du dépôt et placement du Québec, Canada’s pension fund, has also reportedly begun the sale process of 18 other hotels in Europe, notably in Germany.
“Now we feel like the demand is better than a year and two years ago. And, so we would like to accelerate the disposition program,” said Sylvain Fortier, Ivanhoe’s EVP for residential and hotel investments as quoted by the Post. According to the paper both hotels are generating “a wide range of interest.” [Financial Post]