Skyline Development acquires Canada’s luxury Deerhurst Resort

MUSKOKA, ONTARIO Deerhurst Resort, the luxury Ontario retreat that hosted the 2010 G8 Summit, has been acquired by Toronto-based Skyline International Development. Terms of the transaction, which is expected to close this month, have not been disclosed.

The 425-key property was placed on the market last year by Cornerstone Real Estate Advisers LLC, which has owned Deerhurst since 1998. The 760-acre lakeside Deerhurst features 45,000 sq. ft. of meeting venues, two 18-hole golf courses, three restaurants and a 3,000-ft. private airstrip.

Montréal-based Atlific Hotels, the property’s current management company, will be retained.

Deerhurst will join Skyline Boutique Hotels & Resorts, a portfolio that also includes Toronto’s Cosmopolitan Hotel and Residences, Pantages Toronto Centre Hotel and Le Méridien King Edward Hotel.

“Our company is investing in Ontario hotels, resorts and destination communities during challenging economic times,” says Skyline CEO Michael Sneyd. “Skyline believes that the synergies created through consolidation within the industry will promote future profitability and growth.”

Set on Peninsula Lake at the edge of the town of Huntsville, Deerhurst is situated within driving distance of both Toronto and Ottawa, adjacent to the family-friendly Hidden Valley Highlands Ski Area and near Algonquin Provincial Park.