VANCOUVER — Avison Young has sold the GEC Granville Suites Hotel, 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 purchased in 2015 for $39 million, representing an increase in property value of 79 per cent. Avison Young’s Jason Mah, Karly Degroot and Brendan Hannah represented the sellers, Global Education Communities Corp.
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’s 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.
“Avison Young was proud to help GECC with the sale of this rare opportunity in a prime, central location, demonstrating strong historical income performance,” says 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.”
“We appreciate Avison Young’s effort, dedication and professionalism,” says 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.”