The Fairmont Royal York in Toronto and the Fairmont Hotel Vancouver are up for sale, reports The Globe and Mail. Owned by Quebec’ pension plan, the landmark hotels are being sold in an attempt to minimize its investments in the industry.

Fairmont Hotels and Resorts manage both hotels, operating a total of 19 properties in Canada. The company has contracts to operate the historic hotels for several more decades and will have a say in selecting the new owner, according to The Globe.

The Royal York opened its doors back in 1929. Built by the Canadian Pacific Railway, the hotel was once considered the tallest building in the entire British Commonwealth. The Hotel Vancouver was completed 10 years later, and is one of the city’s most recognizable buildings.

The pension plan has been selling numerous high-profile hotels lately, including Ottawa’s Fairmont Chateau Laurier last year. It also plans to sell the Empress in Victoria, B.C.

However, the pension plan plans to keep two of its hotels: Montreal’s Queen Elizabeth and the Chateau Frontenac in Quebec City.

Ivanhoe Cambridge, which oversees the pension plan’s real estate division as its subsidiary, currently owns about 10 hotels. This is down from 70 properties just a few years ago. The company purchased the Fairmont Hotels in 2007, prior to the economic crisis. It is due to this that Ivanhoe’s Sylvain Fortier told The Globe that he doesn’t expect the company to get the best return on its investment. The executive did not reveal the asking price for the properties.

Both properties are considered prime real estate. The Royal York sits across from Toronto’s bustling Union Station and beside the Financial District, and the Hotel Vancouver is located near the city’s business, shopping and entertainment centres.