BANFF
Oxford Properties Group (‘Oxford’), a leading global real estate investor, asset manager and developer, announced it has acquired The Rimrock Resort Hotel (‘The Rimrock’) in Banff, Alberta, alongside an existing institutional capital partner. Accor, a world-leading hospitality group comprising 5,400 properties and 10,000 food and beverage venues throughout 110 countries, has signed with Oxford to operate The Rimrock, effective immediately. The property will undergo a comprehensive top to bottom renovation to transform the hotel, as part of a significant investment by Oxford and its capital partner; the hotel 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. In the interim, The Rimrock Resort Hotel is open and accepting reservations at rimrockresort.com, welcoming guests to enjoy the hotel’s spectacular location, upscale rooms, popular amenities and unparalleled views of the Canadian Rockies.
Idyllically located on Sulphur Mountain in Banff National Park, The Rimrock Resort Hotel is just four kilometres south of the picturesque town of Banff. With a rich history dating back to 1884, the property is considered one of the premier hotels in the world-renowned destination. Since its opening, The Rimrock has transformed from a two-story, six-room hotel to a preeminent property boasting over 330 spacious guestrooms, including 24 luxurious suites, many featuring stunning panoramic views of the majestic Bow Valley, as well as 18,000 square feet of event space. The resort also includes a range of amenities such as a 9,000 square foot spa, an indoor pool, four restaurants and bars, including the Five Diamond designated restaurant ‘Eden’, a fitness centre, and a seasonal ice-skating rink.
Accor and Oxford’s respective presences in Canada feature exceptional portfolios of world-renowned resorts and hotels. Oxford’s iconic Western Canada resort hotel portfolio comprises Accor-managed properties Fairmont Banff Springs, Fairmont Chateau Lake Louise, Fairmont Jasper Park Lodge and Fairmont Chateau Whistler. Accor’s collection of famed Canadian hotels also includes such historic properties as Fairmont Empress in Victoria, Fairmont Le Château Frontenac in Quebec City, Fairmont Royal York in Toronto and Fairmont Hotel Vancouver. With the addition of The Rimrock Resort Hotel to their prestigious collections, Accor and Oxford are able to offer travelers another compelling invitation to visit one of Canada’s most renowned locations.
“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,” commented 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.”
“With The Rimrock Resort Hotel, we officially mark our 30th property in Canada, further extending our offerings for Accor guests, from the landmark properties of Fairmont Hotels & Resorts, a globally celebrated luxury brand with roots that run deep from coast to coast, to the unique stories told by the MGallery Hotel Collection, to our family- and business-friendly Novotel properties,” said Mark Purcell, Senior Vice President, Development, North & Central America. “We are thrilled to continue the Group’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.”
The Rimrock represents Oxford’s first hotel acquisition since 2014 and signifies its long-term conviction in the luxury resort hotel sector within Canada. Oxford’s plans for a substantial investment into The Rimrock will create a leading hotel offering in Banff, positively impacting the local economy and attracting both domestic and international visitors. Banff is one of the best performing lodging markets in North America based on its wide range of nature-based activities and its unique supply and demand dynamics. Located within Banff National Park, which attracts over 4 million international visitors every year, its unique location creates a high barrier to entry with new development limited to protect the surrounding natural environment.
“Our mountain resorts have operated within Canada’s National Parks for over 130 years, and we recognize the enormous privilege and responsibility that comes with this,” added MacDonald. “As such, we’re committed to improving upon both the environmental sustainability and guest experience at The Rimrock. These two goals have been at the core of our investment thesis at our existing mountain resort hotel portfolio, which has seen us invest over $500 million since 2006, resulting in our hotels winning multiple environmental awards and becoming internationally recognized for their guest experience.”
“We are delighted to have The Rimrock and its team join the Accor family in our region,” said Gregor Resch, Fairmont Regional Vice President for Canada’s Western Mountain Region (Fairmont Banff Springs, Fairmont Chateau Lake Louise, Fairmont Jasper Park Lodge, Fairmont Chateau Whistler). “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 reinvestment in the hotel, and Accor’s global reach and proven expertise in luxury, we are excited to be embarking on this transformative journey for The Rimrock together.”
The second largest luxury operator in North America, Accor is globally renowned for the Group’s luxury and upper upscale brands, including Fairmont, Emblems Collection, Raffles, Orient Express, Sofitel, MGallery Hotel Collection, and more.
Planning and design for the renovation project will begin immediately, with work anticipated to begin in 2024. Reservations at The Rimrock Resort Hotel are available for booking at rimrockresort.com.
