Metro Vancouver Hotel & Short Term Rental Market Discussion

[whatnext]

Speaking of hotels, this was in BIV last week. I didn't realize GEC had sold the old Best Western again at Drake & Granville. Now it's operating as the Grand Park Hotel.

Vancouver wakes up: New hotel proposals emerge after long hiatus
Strong hotel demand despite construction slowdown in Canada
By Peter Mitham, Western Investor | February 9, 2024

Tourists and business travellers alike hit the road again last year, boosting demand for hotel rooms by 11 per cent Canadawide.

But new construction has been virtually non-existent, with the stock of rooms growing less than one per cent last year even as travellers have shown they’re willing to pay. Spending on accommodation was 97 per cent of 2019 levels in the first half of last year, while overall tourism spending was at 88 per cent – showing that even if travellers are skimping on activities, they’re willing to pay for comfy quarters....

....Vancouver is also seeing new proposals coming forward after a years-long hiatus, with four projects proposed for downtown. Pointing to the opportunities, the city recently logged its biggest hotel transaction since the pandemic with the sale of the 718 Drake Street, a former student residence now operating as the Grand Park Hotel and Suites Downtown Vancouver.

Diversification is a prime goal of investors looking at hotels right now, according to speakers at the Western Canadian Lodging Conference in Vancouver on Nov. 2.....

https://biv.com/article/2024/02/vanc...er-long-hiatus