B.C.’s R.P.B Holdings has sold Vancouver’s Best Western Sands Hotel for $31 million in a transaction that ranks as one of the highest per unit in B.C. history, according to brokers.
The 55-year-old Davie Street hotel, located between Bidwell and Denman streets, has 121 rooms, which translates into a per-room sale price of $256,198.
The buyer closed the transaction on May 30 and did not want to be identified.
“It's a phenomenal location in the West End of Vancouver near English Bay and the sale highlights the continued strength of our investment market,” said MacDonald Commercial broker Dan Schultz who represented the buyer along with Sunil Rekhi and Feroz Dean of Amex Fraseridge Realty.
He added that even though the buyer’s return on the investment is likely to be “very low,” the real value in the purchase is the land and the long term development potential.
Tony Letvinchuk, who is managing director at Macdonald Commercial, said the transaction is significant because hotels as large as the Best Western Sands trade “sporadically.”
