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
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
"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
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.
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
SOURCE Deerhurst Resort
For further information:
Anne White, Deerhurst Resort, 416-566-9297 or firstname.lastname@example.org