An Ottawa landmark that’s nearly as recognizable as the Parliament buildings is now on the market. The Fairmont Chateau Laurier Ottawa, valued at an estimated $125 million or $291,000/room, was just put up for sale along with another luxury hotel, the Fairmont Washington D.C. Georgetown.
First opened in 1912, the 429-room luxury hotel is right by the Parliament buildings and the Rideau Canal.
Ivanhoe, the real estate subsidiary of Caisse de Depot et Placement du Quebec (the largest pension fund in Canada), owns 60 hotels including the Chateau Laurier. According to the Financial Post, it’s selling off 18 properties in Europe in an effort to focus on other asset classes.
Ivanhoe sold four hotel properties in Paris earlier this year, plus the Fairmont Waterfront Vancouver and Fairmont Winnipeg in 2011. The Fairmont Empress in Victoria is in due diligence now.
Originally, the subsidiary tried to package off its entire portfolio of Fairmont properties but doubted it would be able to attract a buyer. Ivanhoe says it has no interest in selling off some of its other landmark hotels including Quebec City’s Château Frontenac, Montreal’s Reine Elizabeth and Montreal’s W.
Photo: Charles Crosbie/Flickr