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Foreign Investors to Buy Vancouver’s Rosewood Hotel Georgia for $145 Million
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(Posted on Mar 7, 2017 at 02:35AM by Michelle Bogle)
A deal has been inked to sell one of Vancouver’s oldest and most historic hotels. Established in 1927, the Rosewood Hotel Georgia will be sold for $145 million in a joint-venture of two Hong Kong-based firms, owned by two brothers – Able Shine Enterprises and Magnificent Hotel Investments.Â
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The investors are buying the hotel from Vancouver-based Delta Land Development Limited, but will continue to be managed by Dallas-based Rosewood Hotels & Resorts.
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The Rosewood Hotel Georgia will join Magnificent Hotel’s portfolio of other hospitality assets, including five Best Westerns and other hotels in Hong Kong and Shanghai. Last June (post-Brexit), the company made international news when its subsidiary purchased the Travelodge London Kings Cross Royal Scot Hotel for 70 million pounds.
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An update on Magnificent’s website describes the recent acquisition of the Rosewood Hotel Georgia as: “An excellent opportunity to enter the vibrant Vancouver real estate and hotel market at a nearly construction-replacement cost, for a new and most prestigious building on the most prominent address of the city centre with an initial yield of 4%.â€Â In 2011, the historic landmark completed a four-year, $120-million restoration that preserved the heritage facade and expanded the rooms inside. It was also brought under new management.Â
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As we continue into 2017, the outlook for Vancouver’s hospitality market continues to stay positive. Overall, hotels are expected to remain a thriving asset class, thanks to our awareness on the global scene for attracting travellers (individual, business and group) and cross-border investors.
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For more information regarding hospitality asset opportunities across the Lower Mainland, please contact our office to speak to our skilled team of advisors. You can also view our list of featured properties by clicking here.
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