TORONTO — Oxford Properties Group has acquired the Rimrock Resort Hotel in Banff, Alta., alongside an existing institutional capital partner. Accor has signed with Oxford to operate the Rimrock, effective immediately.
The property will undergo a top-to-bottom renovation to transform the hotel, but it will continue to operate throughout the renovation period. The investment will enhance the luxury experience available to guests in Banff National Park, improve the environmental sustainability of the hotel and amplify the Rimrock’s distinctive location in the famed Canadian Rockies.
Since its opening, the Rimrock has been transformed from a two-storey, six-room hotel to a pre-eminent property boasting more than 330 spacious guestrooms, including 24 luxurious suites, and 18,000 sq. ft. of event space. The resort also includes a range of amenities such as a 9,000-sq.-ft. spa, an indoor pool, four restaurants and bars, a fitness centre and a seasonal ice-skating rink.
The Rimrock represents Oxford’s first hotel acquisition since 2014 and signifies its long-term conviction in the luxury resort hotel sector within Canada. Planning and design for the renovation project will begin immediately, with work anticipated to begin in 2024.
“We’re 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, says Tyler MacDonald, head of Hotels and Alternatives at Oxford Properties. “It also grows our important relationship with Accor, offering world-class resort experiences in renowned destinations across Western Canada.”
“We’re delighted to have the Rimrock and its team join the Accor family in our region,” says Gregor Resch, Fairmont regional VP for Canada’s western mountain region. “We’ve had the pleasure of working alongside Oxford for more than 15 years and cannot think of a more perfect partner for this endeavor. With a shared vision for the revitalization of the property, backed by Oxford’s re-investment in the hotel, and Accor’s global reach and proven expertise in luxury, we’re excited to be embarking on this transformative journey for the Rimrock together.”