- What The Camrose Resort Casino Hotel and the Medicine Hat Lodge are on the block
- Why Ernst & Young was appointed receiver of Mayfield Investments Inc. in 2024
- What next Avison Young has the assignment
A pair of hotels in Alberta is on the market for a combined $29.1m as part of a court-ordered sale, Green Street News can reveal.
Avison Young has the assignment for the Camrose Resort Casino Hotel and the Medicine Hat Lodge on behalf of receiver Ernst & Young. A 50% interest in the Copper Coulee Casino is also up for grabs but is being shopped unpriced. The properties are available individually or as a portfolio.
Guidance for the 220-room Medicine Hat Lodge is $21m, or $96,000/room. The full-service hotel, at 1051 Ross Glen Drive SE in Medicine Hat, was completed in 1986.
Amenities include a waterpark, a fitness centre, a spa, three restaurants and nearly 8,900 sq ft of event space. There are 900 surface parking stalls. The Copper Coulee Casino is inside the hotel.
The hotel is within 5 km of Medicine Hat Regional Airport, several golf clubs and Medicine Hat Mall. Medicine Hat is 255 km southeast of Calgary and 115 km north of the U.S. border.
Guidance for the Camrose Resort Casino Hotel is just over $8.1m, or $73,000/room, for the 112-room property.
At 3201 48 Avenue in Camrose, the full-service hotel has a pool, a fitness centre, a hair salon, two restaurants and nearly 8,300 sq ft of event space. Operations of the Camrose Casino are not included in the sale.
The hotel is within 500 m of Big Valley Jamboree and the Camrose Regional Exhibition Grounds, and 3 km from Camrose Airport. Camrose is 70 km southeast of Edmonton and 220 km north of Calgary.
Both the Camrose Resort Casino Hotel and the Medicine Hat Lodge can be repositioned or rebranded by the future owner. The bid date for all properties is March 31.
Owner Mayfield Investments Inc. was placed under receivership in October 2024. Per court documents, Mayfield has been in default of its obligations to ATB Financial, its primary secured creditor, since 2021. As of October 2024, Mayfield owed ATB approximately $38.8m.
