- What A troubled hotel under receivership in Metro Vancouver is for sale
- Why The owners have defaulted on more than $80m in loans
- What next The pricing guidance on the property is $60m
A Metro Vancouver hotel dogged by the financial problems of its owner is expecting to bring in around $60m, Green Street News can reveal.
Colliers has the marketing assignment for the 100-room Versante Hotel at 8499 Bridgeport Road in Richmond, B.C. — part of the International Trade Centre complex. The price translates to $600,000/room.
The hotel initially was listed in April 2024 for $98m as its owner, Mo Yeung Ching, dealt with a foreclosure and court-ordered sale. The property, placed under receivership on March 4, now is being shopped by receiver Deloitte with a much lower guidance price.
Lenders Fox Island Development and Advanced Venture Holdings were owed more than $80m in defaulted loans as of February 2024 with interest accruing at 30% per year, compounded monthly, according to court documents.
When listed in April, 47 parties signed confidentiality agreements expressing interest in purchasing the hotel. Negotiations took place with three bidders, but none were successful.
The Versante is 4km from the Vancouver International Airport and 10km south of downtown Vancouver.
Ching is the director of another troubled company, Kensington Union Bay Properties, which was involved in foreclosure proceedings subject to a court order to sell a 630-acre plot of land on Vancouver Island last July. The property was meant to be redeveloped into a 3,000-home community.
Beem Credit Union also was named as a lender seeking restitution in the case and was granted joint conduct of sale with Fox Island.
The Versante Hotel was put up as a security for the initial loan to Kensington Union Bay, made in 2021.
