The Hotel Eldorado is now under new ownership.
Longtime owner Jim Nixon has sold the popular hotel to Argus Properties for an undisclosed amount.
Negotiations between the two sides went very quickly, according to Argus Properties President and CEO, Ted Callahan.
He said the timing was right for both the Nixon family and Argus.
"There are no changes planned right now. We think there is a really good staff there," said Callahan.
"I think the Eldorado has a well founded reputation for being well run by the Nixon family and we are looking forward to continuing the heritage and the legacy of the Eldorado."
The hotel, originally built in 1926 further down Lakeshore Road near what is now Eldorado Road, was purchased by Nixon in 1989 and floated by barge to its current location at the foot of Cook Road.
Arsonists burned down the original structure shortly after the move.
Using the original foundation, the new building became a near replica of the old hotel. It re-opened on St. Patrick's Day, 1990.
The hotel is the second one acquired by Argus Properties.
The company opened the Sheraton Four Points Hotel, across from the Kelowna International Airport, in 2013.
And, according to Callahan, more hotels are on the way.
Callahan said a development permit proposal has been submitted to City Hall for a hotel at the corner of Sunset and Manhattan drives opposite Brandt's Creek Linear Park.
That application has yet to make its way to council chambers.
Callahan said it's a good time to be getting into ventures such as these.
"We see the economy strengthening and obviously the lead time for these projects to be brought on stream can be lengthy so by the time the project is approved and finalized...that's a multi-year project."