HUNTSVILLE - Huntsville’s landmark Deerhurst resort has sold to a
Toronto-based company for a reported $26 million.
The 400-room resort has been on and off the market for a
couple of years as Massachusetts-based owners, mega-corporation MassMutual
Financial Group and Cornerstone Real Estate, looked for a buyer.
After the G8 it was put back on the market as the owners
said the high-profile exposure made it a good time to sell.
But people in the financial sector wonder at the seemingly
modest selling price, particularly when the reported $60 million invested in
the property since the 1990s is taken into account.
The property also includes two 18-hole golf courses, several
restaurants, event facilities, a spa and an airstrip.
The property was purchased by Skyline International
Development, part of the Israeli Mishorim Group.
The sale was first announced Wednesday in Israel because
Mishorim trades on the Tel Aviv stock exchange.
The transaction will close in 30 to 45 days, according to
Deerhurst representative Anne White.
Deerhurst is a major employer in Huntsville and White says
that the number of employees and management structure remain unchanged.
“It’s very much business as usual at Deerhurst,” she said.
“We’re excited … new owners mean new opportunity. It’s been an exciting six
months, first the G8 and now this.”
Gil Blutrich is the chairman of the Israeli Mishorim Group
and president of Skyline International Development in Canada. He began growing
the Mishorim empire at the age of 24 in 1989. In 1998, he moved to Toronto and
founded Skyline International Development Inc. pursuing real estate
developments in Canada, according to the company’s website.
Skyline’s hotel and resort holdings in Toronto and points
north include Horseshoe Valley Resort in Barrie, Port McNicoll on Georgian Bay.
In Toronto, it owns the King Edward Hotel, Pantages Hotel Toronto Centre
including the Pantages Martini Bar, The Cosmopolitan Toronto Centre Hotel
including Shizen Spa and The Skyline Tower.