Morgan Stanley Real Estate and Colorado-based East West Partners have acquired the Three Sisters Mountain Village near Banff, Alberta. The partnership will work on completion of the 1,800-acre partially completed resort.
The Three Sisters Mountain Village located in the Canadian Rocky Mountains in the Bow River Valley, near Banff National Park and Lake Louise, is also home to the Stewart Creek Golf and Country Club.
The resort is unique in its position as the “only approved destination resort in an area completely surrounded by 2.8 million acres of protected public wilderness,” East West founding partner Harry Frampton said in a statement announcing the deal.
The Colorado-based resort property development company is recognized for its Leadership in Energy and Environmental Design (LEED) certified developments.
“We look forward to partnering with East West Partners on this truly remarkable project,” Gregg Dawley, executive director and head of residential land development for Morgan Stanley Real Estate, said in the statement. “East West is a leader in sustainable development practices, ensuring that Three Sisters will be developed with environmental preservation and sustainability in mind, resulting in a resort of which all Albertans can be proud.”
Morgan Stanley Real Estate closed its latest global property vehicle, Morgan Stanley Real Estate Fund VI, on $8 billion in June. The vehicle fund has a purchasing power of $30 billion. The firm currently has $68 billion in property assets under management.