Vancouver’s Pacific Reach Properties has bought the Rosewood Hotel Georgia, after a previous agreement to sell the hotel fell through.
Business in Vancouver reported in March that two Hong Kong ventures, Able Shine and Magnificent Hotel Investments Ltd., planned to pay $145 million to buy the iconic 90-year-old hotel, which was renovated and reopened in 2011.
When that deal did not close, Pacific Reach Properties entered the picture and was able to close a deal to buy the hotel for an undisclosed amount from owner Delta Land Development Ltd. The sale price has been rumoured to be in the $160-million range.
Pacific Reach Properties’ other real estate assets include the Westin Grand Vancouver, Radisson Vancouver Airport, Toronto’s Maple Leaf Quay and a number of mixed use and multi-family residential properties in Los Angeles and Phoenix, as well as commercial property in Calgary.
Rosewood Hotels & Resorts will continue to manage the hotel and operations will be unchanged, the hotel said in a release.
“The Rosewood Hotel Georgia is one-of-a-kind and we’re thrilled to add it to our growing portfolio of high-value real estate investments,” said Pacific Reach CEO Dr. Azim Jamal.
“Our firm is rooted in Vancouver and, for me personally, this landmark property is a special and important acquisition. We’re excited to be working with Rosewood to ensure that the Hotel Georgia continues as our city’s most prestigious hotel, and to build on the superb work of Delta Land.”
Hotel real estate, however, has been a very hot asset class.
British Columbia Investment Management Corp. (BCIMC) in January sold its Vancouver-based chain of 26 hotels, known as SilverBirch, for what is estimated to be about $1 billion.
