Westin Bayshore

• Location: Vancouver, BC
• Client: Starwood Capital Group
• Size: 499 rooms
• Service Type: Investment sale

Our internal team comprised of hotel experts and local commercial real estate brokers recognized that the investment market was primed for this hotel and it would be aggressively pursued due to its location in the desirable area of Coal Harbour in downtown Vancouver. We believed sale proceeds would exceed market value for the property based on its future development potential despite restrictive zoning in place. We proactively approached the owner and presented our ideas. From there, we were approved to approach a small number of potential investors to support our findings which led to our listing of the hotel.

The marketing material placed an emphasis on the current income of the property along with the exceptional potential for mixed-use redevelopment despite a lack of zoning in place. That was a risk that the new owner would have to accept. Our competitive, three round process achieved sale proceeds beyond expectations to a first-time hotel buyer resulting in a price at 2.3x book value.