- What reStays Ottawa is on the block
- Why KSV was appointed as receiver of the property owner in January
- What next TD Cornerstone Commercial Realty and Cushman & Wakefield have the assignment
A boutique hotel in Ottawa is on the block for $75m as part of a court-ordered sale, Green Street News can reveal.
TD Cornerstone Commercial Realty and Cushman & Wakefield have the assignment for reStays on behalf of KSV Restructuring. The two-tower property is at 101 Queen Street and 108-116 Sparks Street.
The offering includes 111 extended-stay hotel suites, 20,000 sq ft of retail space and 189 underground parking stalls, as well as 18 unsold units in the 91-unit residential condominium reResidences.
The remaining condo units, above the hotel suites in the Queen Street tower, are not included in the sale. According to court documents, the retail space is largely vacant.
The mixed-use property was completed in 2021 in response to a request for proposal by the National Capital Commission. It comprises four separate condominium corporations under a fully prepaid long-term ground lease.
In downtown Ottawa, the property is less than 500m from Parliament Hill, the National Arts Centre and the Rideau Canal. It’s 10km from Ottawa International Airport.
KSV was appointed receiver of the property owner, Ashcroft Urban Developments, and several related entities in January. The companies are all part of Ashcroft Homes Group, the founder and majority owner of which is David Choo.
CMLS Financial, Ashcroft Urban Development’s principal secured creditor, is owed approximately $52m, according to court documents. Over 50 unsecured creditors, including Bell, CIBC Credit Card Services and Nespresso Canada, are owed a combined $825,000.
