The historic Ghost River Crossing, a well-known executive retreat and training centre near Cochrane, has been sold, the Herald has learned.
Larry Shelley, president and chief executive of Coril Holdings Ltd., confirmed the company has bought the property.
Chairman of Coril is prominent Calgary businessman Ron Mannix. The company also owns the Hyatt Regency hotel in downtown Calgary.
“Ghost River is a very special place and has been operated as an executive retreat for a number of years. Our intention is to complete a reasonable upgrade of the premises and continue to operate it as a corporate retreat,” Shelley told the Herald.
The property, on nearly 59 hectares set in the foothills, was originally listed for sale at $6.5 million last spring by realtors Joe Sather and Morgan Tingle of Sather Real Estate Pro Brokers Ltd. It sold for $4.2 million.
In 2009, Sather also sold Falkridge, a year-round luxury executive retreat centre in Priddis.
That property, which was listed for $12.9 million, sold for $13.1 million to Mike Rose, chief executive of Tourmaline Oil Corp., which was the highest residential sale in Canada in 2009. Falkridge, originally built by Mogens Smed, was owned by U.S.-based Haworth Inc., a manufacturing company, prior to the sale.
Ghost River Crossing has a hilltop view which overlooks Ghost River, Ghost Lake and the Rockies. The property is about a 20-minute drive northwest of Cochrane, just off Highway 40.
The conference centre consists of six buildings complete with a commercial kitchen, conference room capacity for up to 50 people and overnight accommodation in 24 guest rooms, each with a private ensuite bathroom.
The business as well as the buildings and land were listed for sale for the first time since it was developed.
The property, formerly owned by Hobart Walsh Associate Consultants Ltd., had the cottage built on it in 1978. The main building and Pine Loft were built in 1991. In 1997, the Deere House and Workshop were constructed, and in 1998 the Riverhouse was completed.
Ghost River Crossing has hosted numerous corporate clients over the years from major Calgary oil and gas companies, to junior oil and gas companies, to government and educational institutions.
“The operation of that facility will not be connected to the Hyatt. It will be run independent of the Hyatt,” said Shelley.
“It’s been operated as an owner/ managed facility for a number of years.
“So we’re doing a renovation sufficient to make it a current and more modern building. We’re rebuilding kitchen facilities and upgrading sleeping accommodation and that sort of thing.
“But we’re not expanding the facility. The number of rooms will stay the same. We’re simply doing something to modernize the building.”
mtoneguzzi@calgaryherald.com