- What Mountainside Lodge sold for $12m as part of a court-ordered sale
- Why The property operates as a timeshare resort consisting of 42 units
- What next Avison Young had the assignment on behalf of BDO Canada
A Whistler hospitality property has traded for $12m as part of a court-ordered sale, Green Street News can reveal.
Executive Group acquired 56 of 93 strata lots at Mountainside Lodge. Avison Young had the assignment on behalf of receiver BDO Canada. The deal closed in late May.
The property, at 4417 Sundial Place, operates as a timeshare resort consisting of 42 units. Executive at Mountainside, a hotel property also at 4417 Sundial Place, was not included in the sale. Executive Group owns the balance of the property.
Comprising a mix of studio, one-bedroom and two-bedroom suites, the 42 units are free of branding and management agreements. Shared amenities include an outdoor pool and hot tub, a fitness centre and laundry facilities. There are 36 underground parking stalls.
Mountainside Lodge was completed in 1981. Under current zoning bylaws, there is development potential of up to eight storeys and 3.50 FSR.
BDO was appointed administrator of Shell Owners Association – Pacific and SVC-Mountainside ULC in January.
According to court documents, the companies faced a “looming financial crisis” consisting of approximately $9m of deferred capital expenditures, approximately $8m in delinquency payments from their timeshare and lease members, negative cash flow and parent companies that were unwilling to continue to fund.
The deal for Mountainside Lodge was conducted through a court-ordered sale and investment solicitation process. The minimum bid amount was just under $12.2m.
In Whistler Village, Mountainside Lodge is within 500m of Blackcomb Mountain, the Whistler Village Gondola and the Olympic Rings.
Executive Group of Cos. – comprised of Executive Group, Executive Hotels and Resorts and Executive Table Group – is a real estate construction, development and management company headquartered in Vancouver. Salim Sayani is chief executive.
