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Freed closes on $330 MN acquisition of Ontario resort properties
Freed Hotels & Resorts/Resort Communities LP has announced the successful $330MN acquisition of Deerhurst Resort, Horseshoe Resort, and the remaining development lands at Blue Mountain Resort.
Freed Hotels & Resorts/Resort Communities LP has announced the successful $330MN acquisition of Deerhurst Resort, Horseshoe Resort, and the remaining development lands at Blue Mountain Resort. As part of this acquisition, Freed has also rolled in its interest in Muskoka Bay Resort, creating an outstanding portfolio of Northern Ontario properties.
The properties will be managed by Freed Hotels & Resorts, a subset of Freed Corp. Together, Freed’s resort portfolio will include over 1,000 existing hotel rooms and employ over 2,000 people locally. Long term, Freed is projecting to bring over 8,000 new developable units to the Northern Ontario market, with 3,000 of those units being delivered over the next five years. This acquisition establishes Freed as the largest resort community owner/operator/developer in Canada.
Freed Hotels and Resorts now has an incredible array of four-season resort amenities to offer its guests and residents, including seven restaurants, four golf courses, a full menu of summer and winter aquatic and waterfront activities, cross-country and downhill skiing, trails for walking, biking, and snowshoeing, as well as more unique activities like tree-top trekking, escape cabins, and axe throwing. Deerhurst, Horseshoe, Muskoka Bay, and Blue Mountain are located within two hours of the Greater Toronto Area and are set up for both family and corporate fun.
Deerhurst celebrated its 125th anniversary this year, signifying the strength and rich history of tourism in Ontario.
“The acquisition of these iconic resort properties will allow us to execute our strategy of modernizing the traditional resort community market to the highest and best use through design-driven development and world-class amenities with all-season access. The acquisition of these resorts further stimulates the growth in the hotel and resort sectors for Freed,” said Freed’s Founder and CEO, Peter Freed.