Canada-based real estate company Oxford Properties Group (Oxford) has acquired the Rimrock Resort Hotel in Banff, Alberta.

RENX.ca reports that Oxford has purchased the property at a value of CAD$170m ($127.53m).

Accor has signed an agreement with Oxford to operate the Rimrock Resort Hotel.

The hotel will be completely renovated as part of a significant investment made by Oxford and its capital partner but during the renovation phase, the hotel will remain open.

Since its opening in 1884, the Rimrock has expanded from a two-storey, six-room hotel to a property comprising more than 333 guestrooms, 24 suites and 18,000ft² of meeting space.

The resort hotel also features a 9,000ft² spa, an indoor pool, four restaurants and bars, including the Five Diamond restaurant Eden, a fitness centre and an ice rink.

Oxford Properties Hotels and Alternatives head Tyler MacDonald said: “We are very excited to acquire this extremely unique resort within the vibrant, high barrier to entry Banff market.

“Our acquisition of the Rimrock speaks to our long-term conviction in Canada’s luxury resort hotel market, where we have meaningful scale.

“It also grows our important relationship with Accor, offering world-class resort experiences in renowned destinations across Western Canada.”

Oxford owns the Fairmont Banff Springs, Fairmont Chateau Lake Louise, Fairmont Jasper Park Lodge and Fairmont Chateau Whistler hotels in Western Canada.

The Rimrock is located 4km south of Banff, Alberta and is Oxford’s first hotel acquisition since 2014.

Accor North and Central America development senior vice-president Mark Purcell said: “We are thrilled to continue the Group’s growth in North America and further our longstanding relationship with Oxford with this exceptional addition to our Accor portfolio. Already a tremendous property, we can’t wait to unveil what is to come.”

The renovation project's planning and design will commence immediately, with construction expected to begin next year.