The historic Fairmont Empress in Victoria Harbour has some new owners as Vancouver property developers Nat and Flora Bosa of Bosa Development have purchased the hotel from it’s previous owner Ivanhoe Cambridge.
A representative for the family Steve Halliday, says the chance to buy the hotel was a once-in-a-lifetime opportunity for the Bosa family.
“This was an opportunity that Mr. and Mrs. Bosa saw, the owner Ivanhoe Cambridge put the hotel on the market late last year and we looked at and decided this was an asset that he could not turn down. This was a beautiful piece of British Columbia history, and he wanted and his wife wanted to take this beautiful landmark hotel and beautify it.”
The 106-year-old Empress Hotel was designed by Francis Rattenbury, who also designed B.C.’s legislature.
Cambridge, a subsidiary of Quebec pension manager Caisse de dépôt et placement, bought the Empress in 2007.
B.C. Assessment has pegged the value of the 477-room Empress building and land at $89.9 million
It’s the first time in the hotel’s 106-year history it has ever been owned by British Columbians.