Richardson & Sons sees ‘lots of opportunities’ in Fairmont purchase

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This article was published 02/02/2024 (855 days ago), so information in it may no longer be current.

James Richardson & Sons Limited has reacquired the Fairmont Winnipeg, located next to the family-owned corporation’s head office tower.

The multibillion-dollar diversified company had formerly owned the downtown hotel property, but sold it in 2000.

The purchase price was not disclosed Thursday. The 21-storey, 340-room hotel was built in 1970.

The property will continue to be managed by Fairmont Hotel & Resorts and all employees of the hotel have been offered continued employment, a news release stated.

Don Solman, vice-president and chief financial officer of JRSL, said the timing of the purchase had to do with a desire to build up the company campus, as well as to take part in growing tourist activity in Winnipeg’s downtown.

“The property is in the middle of our broader lands holdings,” Solman said. “It gives us flexibility as our companies grow and expand.”

In addition to the 34-storey Richardson Building, the company also owns the eight-storey office building at 161 Portage Ave. East, Richardson Innovation Centre at 77 Westbrook St., Richardson Centre Concourse and Richardson Centre Parkade.

Solman said the company has high-level plans to invest and renovate the hotel property and will fine-tune that in the coming months.

“It’s important to us to have it represent Winnipeg well and our company name, as well,” he said.

Mike Juce, executive director of the Manitoba Hotel Association, said it’s great for the city to see new investment in the sector.

“Two to three years ago, you couldn’t get anyone to invest in hotels in the city,” he said.

In addition to the Fairmont transaction, there is a 140-room Hyatt Centric boutique hotel being built at a converted Canada Revenue Agency building on Broadway and Charterhouse Hotel has added two floors and is being converted to a Hampton Inn by Hilton.

Solman said another reason JRSL bought the hotel is because it is bullish on Winnipeg.

“We’re optimistic about the energy we see in the city,” he said. “We see lots of opportunities.”

Solman cited the opening of the Leaf horticultural attraction at Assiniboine Park, True North Square, Royal Aviation Museum of Western Canada, redevelopment of the Royal Winnipeg Ballet School, and Qaumajuq at the Winnipeg Art Gallery — all of which opened in just the last few years — as examples of highlights that will bring people to the city.

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