Skyline Adds Deerhurst Resort to Growing Ontario Hotel Portfolio

Purchase of Landmark Muskoka Retreat Extends Company's Mix of Toronto to Cottage Country Lifestyle Destinations

TORONTO, Jan. 14 /CNW/ - Deerhurst Resort, the Muskoka, Ontario retreat that welcomed world leaders to Canada for last summer's G8 Summit, has been purchased by Toronto-based Skyline International Development.

Skyline acquires the 425-room property, one of Canada's most significant pieces of resort real estate to come on the market this decade, from an advisory client of Hartford, Connecticut's Cornerstone Real Estate Advisers LLC, who has owned Deerhurst since 1998.

The transaction is expected to close within the next 45 days. Terms were not disclosed.

At that point, Skyline will be in a position to outline its long-term vision and enhancement plans for the popular waterside resort property which already includes 45,000 sq. ft. of meeting venues, two 18-hole golf courses, three restaurants, corporate and conference facilities, and a 3,000-foot private airstrip.

The 760-acre Deerhurst purchase also encompasses 95 serviced lots and additional land suitable for development.

The addition of Deerhurst to its portfolio of impressive resorts and hotels, which already includes the Cosmopolitan Hotel and Residences, the Pantages Toronto Centre Hotel, Le Meridien King Edward Hotel and Horseshoe Resort, positions Skyline Boutique Hotels & Resorts as hospitality industry leader in Ontario.

Skyline Destination Communities is also a market leader in recreational community development with the waterfront master-planned Port McNicoll, the resort community at Horseshoe Valley, and potential enhancements to the Deerhurst community.

Michael Sneyd, CEO of Skyline noted, "Our company is investing in Ontario hotels, resorts and destination communities during challenging economic times."

"Skyline believes that the synergies created through consolidation within the industry will promote future profitability and growth."

Skyline also intends to retain Montreal-based Atlific Hotels, who have managed Deerhurst since 2005.

Deerhurst General Manager Joseph Klein confirmed that the ownership transition would have no impact on the resort's operations or staffing.

"Winter snow conditions are hitting their peak in Muskoka right now, and Deerhurst remains focused on our core hotel business; meetings, getaways and recreation for our guests and Muskoka visitors.

"Over the next weeks Deerhurst is also welcoming the sixth annual Canadian National Pond Hockey Championships, plus Valentine's, the Family Day long weekend and March Break - all the reasons people choose to travel to us", Klein said.

Long considered a base camp for exploring Ontario's famed "cottage country" Deerhurst also pioneered Muskoka's status as a major Canadian golf destination.

Set on Peninsula Lake at the edge of the thriving town of Huntsville, Deerhurst is strategically situated within easy driving distance of both Toronto and Ottawa, adjacent to the family-friendly Hidden Valley Highlands Ski Area and close to Algonquin Provincial Park.

Established by Englishman Charles Waterhouse as a simple summer lodge in 1896, the Ontario resort has since grown into a year-round destination known for features like its own maple syrup operation, one of Canada's longest-running live stage shows where superstar Shania Twain launched her career, and for weekend events headlined by major Canadian artists like Chantal Kreviazuk and Johnny Reid.

About Skyline

Skyline International Development Inc. ("Skyline") is a real estate and development investment company founded in Toronto in 1998 by Gil Blutrich, Ernst and Young's 2004 Entrepreneur of the Year. The Skyline Group of Companies is Canada's leading creator of lifestyle enhancing properties, with a portfolio that includes the Pantages Hotel Toronto Centre, the Cosmopolitan Hotel and Residences, The King Edward Hotel, Horseshoe Resort and the Port McNicoll community development. In 2008, Skyline purchased the land for the development of the Skyline Tower, which will comprise 624,000 square feet of office and condo suites in the heart of downtown Toronto. Skyline's shareholders are two public companies, Mishorim & ILDC, both of which trade on the Tel-Aviv stock exchange (MSHR, ILDC). Go to www.skylineinvestments.com

About Deerhurst Resort

Although Deerhurst Resort emerged on the world stage when it welcomed leaders like Obama, Sarkozy, and Merkel as host venue for the 2010 Group of Eight Summit, the lakeside retreat has been evolving into an Ontario landmark throughout its storied 115 year history.  The 425-room Muskoka hotel also encompasses 45,000 sq. ft. of meeting venues, two 18-hole golf courses, a spa, an extensive waterfront, a live stage show, a private airstrip, Adventures in Excellence teambuilding and the most on-site activities of any resort in Eastern Canada.  A founding member of the Savour Muskoka culinary trail, Deerhurst is the only resort in North America to produce both its own maple syrup and wildflower honey, as well as shiitake mushrooms, herbs and other foraged produce on property, one hallmark of its commitment to local sustainability.  Visit www.deerhurstresort.com

About Cornerstone Real Estate Advisers LLC

Cornerstone Real Estate Advisers LLC, with offices in the US, UK, Europe and Asia, is one of the world's largest real estate investment advisers.  It provides core and value-added investment and advisory services, including a comprehensive suite of real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group.  Cornerstone has assets under management totaling more than $30 billion.  More information is at www.cornerstoneadvisers.com

SOURCE Deerhurst Resort

For further information:

Anne White, Deerhurst Resort, 416-566-9297 or awhite@deerhurstresort.com

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