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SALE OF ICE GARDENS

The Ice Gardens is situated on leased land within the main campus of York University in the City of Toronto. The facility is comprised of six ice pads (5 NHL-sized and 1 Olympic-sized), a pro-shop, restaurant and bar, fitness centre and meeting rooms. The main target market included adult (male and female) users that participate in in-house organized leagues and/or private leagues as well as University-related users.

In 2007, HLT was retained by PricewaterhouseCoopers, the court-appointed Interim Receiver and Manager of the Ice Gardens arena complex, to sell the facility. As selling agent for the Receiver, HLT established a formal selling process including preparation of a Confidential Information Memorandum (that detailed the historic operating performance of the complex), established a marketing program to ensure broad awareness among potential investors/operators, set up and administered a data room and conducted tours of the complex, received and assessed offers and negotiated the final transaction with the successful bidder. In total, over 30 groups expressed interest in the facility, 12 submitted offers, 6 were invited to refine their offers and finally 3 groups were asked to submit final binding offers. Every major private sector recreation arena operator in Canada participated in the process with the winning bidder being Canlan Ice Sports of
Vancouver.