- What Christie’s Mill Inn and Spa is expected to be under contract within the next month
- Why The resort is under the BW Premier Collection flag
- What next The valuation for the property works out to $357,000/room
A boutique resort in southern Muskoka, Ont., is expected to trade for approximately $15m, Green Street News can reveal.
Christie’s Mill Inn and Spa, in Port Severn, was listed in January, and market pros expect a buyer to be under contract within the next month. Sotheby’s has the assignment on behalf of private investors Sharon Hales and Alan Strickland.
At the expected price, the valuation for Christie’s Mill Inn and Spa, which has 41 guest rooms and a three-bedroom cottage, works out to $357,000/room. The property has garnered attention from hospitality operators, Fortune 500 companies keen to convert it into a corporate retreat and private buyers eyeing a cottage alternative.
The hotel is part of the BW Premier Collection, an upscale brand operated by Best Western Hotels & Resorts. The property is up to date on its performance improvement plan, and the contract with Best Western can be terminated by the buyer. The turnkey resort has strong cash flow, and labour is not unionized.
Hales and Strickland purchased the hotel three years ago for approximately $10m and have spent roughly $3m on upgrades, including renovations to guest rooms and the restaurant. The previous owner was a Dubai businessman who used the property as a personal residence while in Canada.
Christie’s was built in the 1970s and expanded in 2004. The 17-acre property is on Little Lake and has over 2,000 feet of private waterfront. Amenities include an indoor pool, a wood burning sauna, a tennis court, a 90-person conference room and event space, a full-service spa and a private island with two helicopter pads.
The resort has served as the filming location for Hallmark holiday movies and one season of the Bachelor in Paradise Canada.
Port Severn is in Simcoe County, at the southern end of Muskoka in Ontario’s cottage country. It’s approximately 45 km from Barrie and 130 km from downtown Toronto.
Best Western is a subsidiary of BWH Hotels Group. Led by president and chief executive Larry Cuculic, the BWH Hotels portfolio includes approximately 4,300 hotels in over 100 countries.
