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For Sale: Canada's Lakeside G8 Summit Host Resort

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FISCAL FITNESS
DailyFeed
Canada is first to walk the walk after talking the talk (in a very expensive waterfront resort). On June 25, right as the G8/G20 debutante ball was getting underway in Toronto, a senior US official told Reuters:

"There is a broad consensus among the G8 leaders, a convergence of views, if you will, as they head into the G20, about how to maintain durable growth, while also reaffirming, of course, the common shared commitments to fiscal consolidation going forward."

The official, briefing reporters at a wooded lakeside resort north of Toronto, spoke on the condition of anonymity.

Well, it seems that the Canadians are off to the races, as that very "wooded lakeside resort" is now up for sale.

No price has yet been set for Deerhurst Resort, CBRE Hotels, a unit of CB Richard Ellis Group (CBG), the group handling the sale, said.

The report explains:

"The luxury resort was put on the market by its owners, Cornerstone Real Estate Advisers LLC, U.S. insurer MassMutual Financial Group, and a numbered Ontario corporation, which bought it in the late 1990s. They have since reinvested C$60 million ($57.7 million) in the property.

Bill Stone, executive vice-president at CBRE Hotels said "the owners believe it is a good time to put the property on the market because commercial real estate is on a better footing now compared with 18 months ago."

If you're anything like me and would do anything for an opportunity to breathe the same air that Angela Merkel once inhaled, let the bidding begin.
POSITION:  No positions in stocks mentioned.
TAGS:  CANADA, G20, G8, ANGELA MERKEL    SOURCE:   Reuters
TICKERS:  NYSE:CBG   

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