Commercial real estate news releases from Avison Young Canada

Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.

Avison Young closes on Vancouver’s largest hotel sale since 2017

Avison Young closes on Vancouver’s largest hotel sale since 2017 December 6, 2023

$70M sale of Granville Suites Hotel underscores strong rebound and growth in hospitality sector

Vancouver, BC – Global commercial real estate advisor, Avison Young, announces the sale of the GEC Granville Suites Hotel (“the Granville”) – a 143-suite hotel with prominent commercial frontage in the heart of downtown Vancouver.

Sold for approximately $70 million to a local hotelier and prominent real estate developer, the Granville was bought in 2015 for $39 million – representing an increase in property value of 79%. Avison Young’s Jason Mah, Karly Degroot, and Brendan Hannah represented the sellers, Global Education Communities Corp (“GECC”) – Canada’s largest education and student housing investment company.

“Avison Young was proud to help GECC with the sale of this rare opportunity in a prime, central location, demonstrating strong historical income performance,” said Jason Mah, Principal, Avison Young. “Hotels in Vancouver rarely go on sale, so this is a truly unique offering. The hospitality sector is thriving in Vancouver, and the Granville underscores this fact by drawing record-breaking demand and bookings post-pandemic.”

The Granville will continue to operate as a hotel, honouring current and future reservations. White Spot will still operate on the ground floor. With minor capital upgrades to certain suites and common areas, there is opportunity for future revenue growth in this 12-storey hotel. Additionally, a future development site with multiple high-density, mixed-use projects in the nearby Granville Loops Plan area could bring more visitors – yet another opportunity for increased revenue.

“We appreciate Avison Young’s effort, dedication and professionalism,” said Toby Chu, Chairman, President, and CEO of GECC. “Over the past eight years, the hospitality industry has been very good to GECC – and Avison Young strategically navigated us through our decision to exit the Granville, initiating the sales process so that we can continue to explore other investment opportunities.”

Avison Young’s latest Hotel Report shows that, among Canada’s six major urban hotel markets, Vancouver was the top-performer in 2022. The city had the highest room occupancy rate (73%) – an increase of 50% year-over-year (“YOY”). Vancouver also had the highest average daily rate ($234.12) – up 44% YOY. Additionally, Vancouver marked the highest revenue per available room ($170.61), an increase of 117% YOY. By year end, Avison Young anticipates occupancy levels will surpass 2022 levels, approaching pre-pandemic volumes – and making the hospitality sector an exciting investment option. 

About Avison Young

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.

Follow Avison Young:
Twitter (News)
Twitter (Deals) Blog LinkedIn YouTube Instagram

For more information:
Andrea Zviedris [email protected], Media Relations – North America: +1 416.891.7416