Ocgrow Group is moving into the luxury hospitality sector with the launch of a new hotel division, marking a significant expansion for the Calgary-based real estate developer as it looks to capitalize on rising tourism demand and shifting market conditions.
The company has introduced Ocgrow Hotels & Resorts, anchored by its flagship premium brand, Ocgrow Reserve, with its first suites now operating within the firm’s large-scale Greystone development in Cochrane.
Founder and CEO Harish Consul said the move follows years of evaluating the hotel sector and waiting for the right market conditions to align.
“We’ve been looking at the hotel industry for 20 years, and it hasn’t been the right time,” Consul said in an interview. “With COVID well behind us, room rates are rising, and there’s a lot of demand from international arrivals, especially in Alberta.”
Strategic timing drives entry into hospitality
The decision reflects a broader strategy to diversify Ocgrow’s business beyond its core real estate operations, which include development, ownership and management.
Consul pointed to strong tourism trends and economic growth in Alberta as key drivers behind the expansion.
“We’ve got record growth, record venture capital and tech and the entire ecosystem,” he said. “People have really made a mind-shift here, and we’re seeing incredible interest in hotel rooms and finally really tourism for Alberta.”
The company’s first hotel offering is located within Greystone, a 150-acre master-planned community where Ocgrow is the largest developer and landlord. The development includes several thousand residential units and approximately 500,000 square feet of commercial retail space.
Consul said the overall Greystone project is about 65 to 70 per cent complete, with multiple residential and commercial components already occupied or operating.
“It’s really exciting. It’s one of the fastest-growing regions in Canada,” he said.
Pilot project tests demand for luxury suites
The Ocgrow Reserve suites are housed in a newly built structure within the Terez rental project at Greystone. The building includes 154 suites, with 76 currently designated under the Reserve brand as the company tests market demand.
“We’re also testing the market to see how much absorption and interest,” Consul said, adding the company has flexibility to increase the number of hotel units as needed.
The suites are positioned as high-end, all-suite accommodations aimed at visitors attending events at nearby facilities, including the SLS Centre, as well as families and travellers seeking premium lodging options in the area.
Consul described the concept as more than a traditional hotel offering, emphasizing technology and wellness as differentiating features.
“We’re really tech-focused. So we have AI-enabled hotel rooms,” he said. “There’s no more keys. It’s wireless entry with facial recognition.”
The company is also integrating wellness and longevity programming into the guest experience, which Consul said reflects growing global demand for health-focused travel.
“It’s really an experiential luxury hospitality service that we’re adding in addition to just a basic hotel room,” he said.
Global expansion plans underway
While the initial launch is centred in Cochrane, Ocgrow is already pursuing an international growth strategy for its hotel division.
Consul said the company is in negotiations and site acquisition discussions in several global markets, including Dubai, Goa in India and coastal Portugal.
“We’re building a global hospitality brand headquartered in Calgary with a very extensive international strategy already underway,” he said.
He added that Western Canada, particularly the Calgary region and Cochrane, will remain a primary focus alongside international expansion.
“We’re very bullish on Cochrane,” Consul said.
The company’s global ambitions are supported by its existing international relationships through its venture capital activities, which Consul said provide access to opportunities in key markets.
Core real estate business remains central
Despite the push into hospitality, Consul said Ocgrow will continue to prioritize its real estate operations, which form the foundation of the business.
“We do the full stack,” he said. “We buy, build, manage, and asset management internally.”
At Greystone, that integrated approach includes residential projects such as Vertos and Terez, as well as commercial developments like Greystone Place, which is already home to a range of retail tenants.
The community also features amenities including parks, waterfront pathways and services such as daycare, medical and retail facilities, contributing to its positioning as a new urban hub within Cochrane.
Consul said the combination of real estate development and hospitality allows the company to enhance the overall destination experience while capturing additional value from visitors.
Looking ahead
As Ocgrow advances its hotel strategy, the company will be closely monitoring demand and refining its model based on performance at its initial location.
Consul said the launch represents a major milestone for the company as it enters a new sector with long-term growth potential.
“This marks another major growth expansion for Ocgrow as we enter the luxury hospitality sector,” he said. “Ocgrow Reserve sets a new benchmark for premium accommodations and creates a powerful offering for guests and event organizers alike.”
With additional projects in the pipeline and international opportunities under review, he said the company is positioning itself to scale its hospitality platform in the years ahead.
“It’s very exciting for Calgary, very exciting for us,” Consul said.
More from Retail Insider:
