Freed Corp. has successfully become the owner of three popular Ontario resort properties, following the closing of a $330 million acquisition.
On Thursday, the Toronto-based developer announced its new subsidiary, Freed Hotels & Resorts/Resort Communities LP, acquired Deerhurst Resort, Horseshoe Resort, and the remaining development lands at Blue Mountain Resort -- all of which are located within two hours of the Greater Toronto Area.
Also as part of the landmark acquisition, Freed has rolled in its interest in Muskoka Bay Resort, creating what the developer describes as an "outstanding" portfolio of Northern Ontario properties.
The successful closure of the acquisition establishes Freed -- historically known for its activity on the condo-building front -- as the largest resort community owner, operator, and developer in Canada.
READ: Freed Corp. Buys Three Popular Ontario Resort Properties in $210M Deal
The developer says the properties will all be managed by its subset, Freed Hotels & Resorts, with its portfolio expanding to include over 1,000 existing hotel rooms and employing over 2,000 people locally.
In the long-term, the developer is projecting in bringing over 8,000 new developable units to the Northern Ontario market, with 3,000 of those units being delivered over the next five years.
"It is a privilege to have the opportunity to own and evolve these iconic properties. The Ontario resort industry is tired and ready for modern accommodations and amenities to compliment and further enjoy the beautiful surroundings," said Freed's founder and CEO, Peter Freed, to STOREYS.
"We live in one of the most beautiful parts of the world and should position it strategically for the world to come and visit and/or reside. We are very excited, to say the least, and look forward to playing an instrumental role in year-round employment and community initiatives as well."
Image courtesy of Freed Developments
Freed Hotels and Resorts now owns a diverse range of four-season resort amenities, including seven restaurants, four golf courses, a full menu of summer and winter aquatic and waterfront activities, cross-country and downhill skiing, walking, biking, and snowshoeing trails, in addition to tree-top trekking, escape cabins, and axe throwing.
"The acquisition of these iconic report 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," added Freed. "The acquisition of these resorts further stimulates the growth in the hotel and resort sectors for Freed."
The acquisition, between Freed and Skyline Investments, was announced in September, and represents one of the largest resort sales in Canada in the past 15 years.
