Kelowna-based Regency Retirement Resorts partially sold to Quebec company

The seven facilities owned by Kelowna-based Regency Retirement Resorts have been partially bought by Quebec-based Cogir Real Estate.

Both companies' websites say Cogir is now co-owner and manager of the properties and, in an emailed response to questions from iNFOnews.ca, they did not disclose the exact ownership relationship.

Cogir said in a news release it’s also the new co-owner and manager of Kelowna’s Lakeshore Place. Its website says it was built by Joseph Kornell, a Baptist minister, and his wife Adele in 1988 for active seniors. They also own other retirement facilities in the area.

The Regency Retirement Resorts website says it was founded by Ed Hall and Greg Kornell and it is “renowned for the first-class service provided to retirees.”

These are retirement homes, not long-term care facilities.

“Designed for current and future seniors, these retirement homes offer a rewarding living environment where active retirees may take advantage of a wide range of leisure endeavours,” the Regency website said.

“Residents will enjoy unique common areas, including magnificent wine cellars and woodworking areas as well as movie theatres, exercise rooms, inviting dining rooms, conservatory and much more. As their name implies, they are true resorts!”

The Regency group includes four facilities in Kelowna (Missionwood, Sandalwood, Northwood and Summerwood), Westwood in West Kelowna, Southwood in Penticton and Parkwood in Vernon.

In all, 1,165 housing units have been added to the Cogir group.

On its website, Cogir said it started in 1995 with a focus on “shopping centre management and turnaround” then moved into residential and retirement homes.

It expanded, partly through partnerships, into the U.S. and includes construction, hotel and restaurant divisions.

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