TORONTO The lakeside Canadian resort that played host to a summit of the Group of Eight rich nations last month is up for sale.
No price has yet been set for Deerhurst Resort, CBRE Hotels, a unit of CB Richard Ellis Group, the group handling the sale, said Monday.
Deerhurst, just outside the town of Huntsville, Ontario, two hours north of Toronto, was in the spotlight less than three weeks ago as the site of the G8 summit.
Amid the resort's 40,000 square feet of meeting space and its 800 acres of rolling, wooded countryside, leaders of the world's rich industrialized countries gathered at the end of June, ahead of the bigger G20 gathering in Toronto, to discuss the global economic recovery and public finances.
The luxury resort was put on the market by its owners, Cornerstone Real Estate Advisers LLC, U.S. insurer MassMutual Financial Group, and a numbered Ontario corporation, which bought it in the late 1990s. They have since reinvested C$60 million ($57.7 million) in the property.
The resort has grown from its start in 1896 as a lodge with two cabins, to a sprawling retreat with 400 rooms, two 18-hole golf courses, a spa and a 3,000-foot airstrip in the popular Muskoka vacation region.
The landmark resort is in a beautiful part of Canada and will have international appeal, said Bill Stone, executive vice-president at CBRE Hotels.
He said the owners believe it is a good time to put the property on the market because commercial real estate is on a better footing now compared with 18 months ago.
"One of the biggest drivers for ownership to sell right now is the quantum of equity capital that's available," said Stone, noting that the owners were in no financial distress.
"They're going to sell this on their own terms."