Park 'N Fly Airport Parking
From Wikipedia, the free encyclopedia
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Parking |
| Headquarters | 5905 Campus Road, |
Area served | Canada |
Key people | Carlo Marrello, CEO |
| Owner | CK Hutchison Holdings |
| Website | www |
Park'N Fly Airport Parking, also known as Park'N Fly, is a Canadian airport parking operator based in Mississauga, Ontario.[1] It is the largest and only national operator for off-airport car parks in Canada.[2][3] Park'N Fly is currently owned by CK Hutchison Holdings, a conglomerate in Hong Kong.[4][5]
Park'N Fly began its business operations in Canada.[2] It is the largest Canadian operator of off-airport car parks, providing 22,400 car parking spaces over 180 acres of land.[3][6]
In May 2014, Park'N Fly was acquired by two subsidiaries of Hutchison Whampoa.[7] The joint venture allocated ownership between Cheung Kong Holdings and Cheung Kong Infrastructure, both controlled by Hong Kong business magnate Li Ka-shing. As part of the agreement, each party holds a 50% interest in the assets of Park'N Fly.[8] This agreement also included the licensing rights of its brand name to Halifax International Airport Authority, which started since 2005.[9] The transaction was estimated to be worth $397.5 million in Canadian currency ($366 million US).[10] Prior to the acquisition, Park'N Fly was previously owned by BRL Realty, RNE Realty and Park'N Fly Partnership.[11]
The acquisition was officially finalized in July 2014.[12][13] Subsequently, Carlo Marrello became the new CEO of Park'N Fly.[14][15]
