Two of Canada's historic railway hotels — Toronto's Royal York and Vancouver's Hotel Vancouver — are up for sale as Caisse de dépôt et placement du Québec moves to get out of the hotel business.
The Quebec pension fund has scaled down ownership of hotels over the past three years from about 70 to fewer than a dozen. A Caisse spokesman said Friday the hotels were now a "non-strategic asset class."
Last year, it sold Ottawa's Fairmont Chateau Laurier to an affiliate of Vancouver's Larco Investments. Among the hotels the Caisse owns are the Chateau Frontenac in Quebec City and Queen Elizabeth in downtown Montreal.
Both the Royal York and Hotel Vancouver are managed by Fairmont Hotels and Resorts and have prominent locations opposite city railway stations.
Royal York was built by CP Railway in 1929 on Toronto's Front Street and was for many years the tallest building in Toronto.
Hotel Vancouver, also part of the CP hotel chain, was built in 1939 on Burrard Street in Vancouver, replacing a hotel of the same name a block away that operated under the same name.
Queen Elizabeth is one of many distinguished guests who has stayed at both the Royal York and Hotel Vancouver.
The Caisse has not revealed how much it expects to get for the properties, which it bought in 2007.
The Caisse is Canada's second-largest pension fund, after the Canada Pension Plan, and has $200 billion under management.
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