Ivanhoé Cambridge has sold the Empress Hotel – one of the most recognized landmarks in Victoria, B.C.  – to real estate developer Nat Bosa and his wife, Flora. Fairmont Hotels & Resorts will continue to manage the historic property.

“We are thrilled at the opportunity to purchase this heritage building,” read the couple’s joint statement. “The hotel is part of the fabric of the community and we look forward to welcoming the residents of Victoria, as well as showcasing it to past and future guests.”

The property, which opened in 1908, was originally built as one of Canadian Pacific’s landmark hotels. It features nearly 500 rooms, a handful of restaurants, and a conference centre that was built in the late 1980s.

This follows Ivanhoé Cambridge’s decision to put two other iconic hotels, the Fairmont Royal York in Toronto and the Fairmont Hotel Vancouver, up for sale. The company’s hotel portfolio, now at  approximately 10 properties, has shrunk from 70 hotels just a few years ago.

Cushman & Wakefield, which brokered the deal on behalf of Ivanhoé Cambridge, did not reveal the sale price for the Empress Hotel.