Delta Hotels Ltd., an operator of 40 hotels and resorts in Canada, has been sold to British Columbia Investment Management Corp., which manages billions of dollars for public-sector pension plans, the B.C. provincial government and other clients.

Financial terms of the deal announced Tuesday were not immediately released.

The transaction is the second major acquisition by the B.C.-based pension fund in the hotel sector this year.

Delta has been part of Fairmont Hotels & Resorts Inc., formerly the hotel division of Canadian Pacific Ltd. before it was broken up.

Fairmont, better known for its Fairmont-branded luxury hotels, was a publicly traded real-estate investment trust until it was acquired and taken private last year.

Doug Pearce, the chief executive of the Victoria-based pension investment firm, said Delta would fit well with the pension fund’s investment strategy by diversifying its real-estate holdings into the hospitality sector.

“Delta’s brand recognition, experienced management and dedicated employees will be a strong complement to our diversified portfolio of assets and contribute to our ability to help finance the retirement benefits of more than 400,000 residents of British Columbia,” Pearce said in a news release.

The deal for Delta Hotels follows British Columbia Investment Management’s $1.2-billion deal to acquire Canadian Hotel Income Properties Real Estate Investment Trust earlier this year.