- What The price for the 100-room Versante Hotel, in Richmond, equates to $980,000/room
- Why The Supreme Court of BC ordered the sale after debtors defaulted on a loan
- What next Any sale would require court approval
A luxury boutique hotel near Vancouver has been listed for $98m as part of a court-ordered sale.
The price for the 100-room Versante Hotel, in Richmond, equates to $980,000/room. Details of the sale were first reported by Storeys.
Avison Young is marketing the property on behalf of the owner, developer Mo Yeung Ching, also known as Michael Ching. The Supreme Court of B.C. ordered the sale in February after debtors, including Ching, defaulted on a loan.
Lenders Fox Island Development and Advanced Venture Holdings are owed nearly $80m, according to Storeys. A sale would require approval from the Supreme Court.
The hotel, at 8499 Bridgeport Road, opened in 2021. It’s part of the International Trade Centre complex and is near Vancouver International Airport. Amenities include a fitness centre, a rooftop pool, nearly 8,000 sq ft of event space, and a 4,500 sq ft restaurant. Trilogy Hotels manages the property.
In November 2023, the 143-room Grand Park Hotel & Suites Downtown Vancouver sold for $70m. According to Avison Young, the average daily rate in Vancouver in 2023 was $266.59 and revenue per available room was $209.34.
