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Singapore’s GIC Nears Deal for Oxford Fairmont Hotels Stake

  • Talks to buy majority stake in assets are said to be ongoing
  • Deal would value the Canadian hotels at about $1.5 billion
The Fairmont Banff Springs Hotel
The Fairmont Banff Springs HotelPhotographer: George Rose/Getty Images
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Singapore’s sovereign wealth fund, GIC Pte, is nearing a deal to buy a majority stake in Oxford Properties Group’s Fairmont portfolio, which consists of four of Canada’s most iconic hotels, according to people familiar with the matter.

The talks are advanced and a deal could be announced in coming weeks, said the people, who asked not to be identified because the negotiations are private. The exact price of the transaction couldn’t immediately be determined but any deal is expected to value the whole portfolio at about C$2 billion ($1.5 billion), the people said. Still, it’s possible no agreement will be reached.