The Granville Suites in downtown Vancouver will remain a hotel following its sale, says Avison Young.
Vancouver-based education and student housing investment firm Global Education Communities Corporation recently sold the property to an undisclosed buyer for $70 million. Avison Young, which brokered the deal for GECC, said the Granville will continue to honour current and future reservations.
According to the real estate firm, the deal was Vancouver’s largest hotel sale since 2017.
“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,” said Jason Mah, an Avison Young principal based in Vancouver, in a news release.
A popular White Spot restaurant will continue to operate on the ground floor. Mah said the 12-storey hotel has a chance for future revenue growth via minor capital upgrades to certain suites and common areas.
GECC had voiced plans to redevelop the hotel as a student residence. Toby Chu, GECC’s chairman, president and CEO, credited Avison Young with initiating the sale so that the company could explore other investment opportunities.
GECC is one of Canada’s largest education and student housing investment companies The firm owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices across 41 locations in Canada and internationally.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.