Resort king CP Hotels buys seven Princesses
Next stop: the world
By Chris Woodall
"I went to Barbados and all I got was this lousy T-shirt," say some tourists, but CP Hotels came home with the whole resort.
On the heels of buying up Delta Hotels, CP Hotels has announced June 11 its $540 million (U.S.) purchase of Princess Hotels.
The seven luxury resort properties are in Bermuda (two), Barbados (two), Acapulco, Mexico (two), and at Scottsdale, Arizona.
But unlike the Delta buyout, CP Hotels will be putting its brand name on the resorts. Delta is being managed as a separate entity.
The buying spree came from "cash on hand."
While CP Hotels did not previously own any foreign properties, Delta Hotels has resorts in Southeast Asia and the U.S.
The Princess purchase gives CP Hotels an even greater international presence. It is now the largest full-service hotelier in Canada with 21,000 rooms.
The Princess chain is seen as an excellent fit with CP Hotels because the properties are, like CP's Banff Springs Hotel and the Chateaus Frontenac (Quebec City) and Laurier (Ottawa), attractions themselves.
One of the Bermuda hotels, for example, looks like a big pink palace, while another Princess hotel has a large heritage house on the grounds.
Princess Hotels also owns and operates a casino hotel in the Bahamas, but those assets are not included in the purchase.
The largest property in the 3,168-room purchase is the Acapulco Princess, which has 1,019 rooms.
The Barbados hotels are the smallest at 75 and 70 rooms.
Chateau Whistler, Delta Resort Hotel, Delta Suites Hotel and the Tantalus Lodge are CP Hotels properties in Whistler, although CP only manages the Chateau Whistler. The Chateau is owned by Yamanouchi Pharmaceutical.