Oxford thinks in terms of decades, not years or quarters. So, when we acquired a portfolio of seven Fairmont luxury hotels in 2006, we had a long-term vision. Despite short term challenges due to the global financial crisis that hit after our acquisition, we remained true to our vision and conviction in the long-term value creation opportunities at these iconic assets. We invested significantly to improve the guest experience and the hotels’ environmental sustainability. We activated and elevated spaces, upgraded technology, repurposed real estate, found operating efficiencies and introduced new revenue streams. When international tourism rebounded, our hotels were ready to capture greater market share and outperform. In total, we’ve invested over CAD$500 million in property improvements.
Further exemplifying the strength of our growing relationship with Fairmont and its parent Accor, in 2023 we acquired the iconic Rimrock Resort Hotel in Banff, to be managed by leading hospitality group Accor. Signifying our long-term conviction in the sector, it solidifies Oxford’s portfolio as Western Canada’s pre-eminent resort hotel platform, providing valuable scale in the resort town of Banff. As part of a significant investment by Oxford and our capital partner, The Rimrock will undergo a comprehensive top to bottom renovation to restore its iconic status and enhance the guest experience via significant improvements in service and product, providing significant value creation opportunity.