Canadian icon changes hands

Vancouver developer Nat Bosa and his wife, Flora, have acquired the iconic, 106-year-old Fairmont Empress Hotel in Victoria, Canada, from Ivanhoe Cambridge, a subsidiary of Quebec pension manager Caisse de dépôt et placement. The purchase price was not disclosed.

The new owners said a master plan to update the hotel will be developed and implemented as soon as possible, and that Fairmont will retain its management contract.

Assessments have roughly valued the 477-room Empress building and land at US$89.9 million.

Bosa Development Corp. is well known for condominium projects and as a property manager in the Vancouver area, as well as Whistler, Calgary and California.