Investment firm buys Delta from Fairmont

British Columbia Investment Management Corporation has acquired Delta Hotels Limited from
Fairmont Hotels & Resorts. 
“We are very excited about this transaction as it creates a strong foundation from
which to grow our brand and create opportunities for our employees.  bcIMC is
committed to building on Delta’s success with its long-term investment strategy and
involvement in the real estate sector. We look forward to working with them to fully
realize our vision,” said Hank Stackhouse, Delta’s President.  “We will continue to
welcome our loyal guests with the same warm and friendly service that has been the
cornerstone of the Delta brand.” 

“As Canada’s leading first class hotel brand, Delta is an ideal fit with bcIMC’s
investment strategy to expand our diversified real estate portfolio to include
hospitality. Delta’s brand recognition, experienced management and dedicated
employees will be a strong complement to our diversified portfolio of assets and
contribute to our ability to help finance the retirement benefits of more than
400,000 residents of British Columbia,” said Doug Pearce, bcIMC’s CEO & CIO. “We are
delighted to be working with Delta and its management team to build on the company’s
current success and to further expand its collection of properties.”

Bentall Capital LP and Avington acted as financial advisors to bcIMC. Blakes,
Cassels & Graydon LLP and Lawson Lundell LLP provided legal advice to bcIMC.
McCarthy T├ętrault LLP provided legal advice to Fairmont Hotels & Resorts Inc.