A realty division of OMERS has decided to enter the tourism hospitality sector with the acquisition of seven Canadian hotels of Fairmont Raffles Holdings, a 1.5 billion $ transaction both parties had agreed to keep confidential.

The transaction involves the Fairmont Château Montebello and Fairmont Kenauk at Montebello, in Quebec as well as the Banff Spings and Chateau Lake Louise in Alberta and the Chateau Whistler in British Columbia.

Made through the Oxford realty group, the acquisition was confirmed Wednesday by OMERS.  Rumors about the transaction had been circulating for many weeks.

Debbie Oakley, an OMERS spekesperson, stated that no special renovation work or hotel management changes were planned and that the hotels would continue to operate under the Fairmont Hotels & Resorts banner.