A Richmond, B.C., luxury boutique-style hotel is being listed for sale as part of a court-ordered sale.

The list price of $98 million for the 100-room hotel works out to almost $1 million per door. The Versante, which opened in 2021, is being listed by a Vancouver-based Avison Young team led by Bob Levine, a principal and co-founder of the global commercial real estate services firm.

The property is located within the International Trade Centre, which includes two office towers, located at Bridge Port Road and No. 3 Road near Vancouver International Airport. According to an Avison Young brochure, the asset includes 8,000 square feet of event space and a 4,566-sf restaurant.

According to multiple reports citing court documents, the B.C. Supreme Court ordered the hotel and personal properties to be sold after the debtors, including Versante owner Michael Ching, were found to be in default on a mortgage loan. Lenders Fox Island Development and Advanced Venture Holding sought the default order.

Fox Island and Advanced Venture are conducting the sale under the court’s supervision. A sale will require court approval.

Montecristo magazine has reported that Versante owner Ching had difficulty obtaining credit for the hotel project after the Chinese government listed him among 100 economic fugitives wanted for white-collar crimes.

Ching contended that the accusations against him were actually a political attack on his father, a high-ranking Chinese official, Montecristo reported. But Ching’s claim for refugee status in Canada was initially rejected. The decision was later overturned by a Federal Court judge’s decision and subsequent new Canadian Immigration and Refugee Board hearing.

Image: Versante Hotel