Delta Hotels acquired by British Columbia Investment Management Corporation

    VICTORIA and TORONTO, Oct. 2 /CNW/ - British Columbia Investment
Management Corporation ("bcIMC") announced today that it has acquired Delta
Hotels Limited ("Delta") from Fairmont Hotels & Resorts Inc.
    "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 Tétrault LLP provided legal advice to Fairmont Hotels &
Resorts Inc.

    About Delta Hotels
    With a diversified portfolio of more than 40 city centre and airport
hotels and resorts, Delta Hotels is the leading first-class hotel management
company in Canada. Widely regarded as Canada's brand of choice by guests and
owners, Delta Hotels has also distinguished itself as an exemplary employer.
Delta Hotels is the only hotel company to be recognized by the prestigious
National Quality Institute with three Canada Awards for Excellence, including
their highest honour, the Order of Excellence (2007). It has also been voted
one of "The 50 Best Employers in Canada" by The Globe and Mail's respected
magazine, Report on Business (2001-2003, 2005-2007). For more information,

    About bcIMC
    British Columbia Investment Management Corporation ("bcIMC") is an
investment management corporation based in Victoria, B.C. With over
$83 billion in assets under administration with global exposure, and supported
by industry-leading investment expertise, bcIMC offers fund management
services for all major asset classes, including currency and infrastructure
investment. bcIMC's clients include public sector pension plans, provincial
government, public trusts, and insurance funds. For more information, visit

For further information:

For further information: Susana Petti, Director, Public Relations, Delta
Hotels, T: (416) 874-2025, E:,; Gwen-Ann Chittenden, Manager Corporate
Initiatives, British Columbia Investment Management Corporation, T: (250)
507-0128 or (250) 387-4650, E:,

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Delta Hotels and Resorts

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British Columbia Investment Management Corporation (bcIMC)

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