June 10, 2014 8:10 pm

Iconic Kelowna Hotel Eldorado sold

The Hotel Eldorado in Kelowna has been sold to Argus Properties.

The Hotel Eldorado in Kelowna has been sold to Argus Properties.

Hotel Eldorado/ Global Okanagan

KELOWNA, B.C. – The Hotel Eldorado has been sold.

The ‘El’ has been purchased from Jim Nixon by Argus Properties Ltd., a Kelowna company that owns numerous properties and is gearing up to build a highrise hotel in the city’s north end.

Ted Callahan, Argus President and CEO, says they intend to maintain the El’s philanthropic traditions including the Innkeeper’s Ball benefiting Kelowna General Hospital.

The Eldorado is the second hotel property to be acquired by Argus, having opened the Sheraton Kelowna Airport Hotel in 2013.

Ted Callahan, right, is seen opening the Sheraton Kelowna Airport Hotel with Kelowna Mayor Walter Gray, center, and MP Ron Cannan.

Argus Properties/ Global Okanagan

Argus Properties has been operated by the Callahan family for 40 years.

The Eldorado will be managed by Pacrim Hospitality Services Inc., said to be one of Canada’s largest privately owned hotel management companies with a portfolio of 45 hotels across Canada and the U.S.

Current employees were informed about the purchase Tuesday afternoon.

Jim Nixon moved the Eldorado from further down the lake where it sat from 1926 to its current location in 1989 by barge. It was struck by arson, but rebuilt to become a landmark on the Kelowna lakeshore.

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