13 Jul 10
Bye-bye G8, hello buyers: Deerhurst up for sale
Globe and Mail The Muskoka region's Deerhurst Resort is up for sale just weeks after playing host to the Group of Eight summit, as its U.S. owners try to take advantage of the resort's sudden high profile and the perceived safety of the Canadian real estate market.
07 May 10
Hotels hope for better 2010
Globe & Mail The hotel industry suffered one of its worst years in 2009, as investment evaporated and some new hotel owners even opted to pave over properties rather than risk renting out rooms by the night. Already feeling the effects of the recession in 2008, Canada's hotel ivestment industry experienced yet another challenging year in 2009 as transaction volume plummeted 61 per cent, according to Colliers International Hotels annual investment report.07 May 10
Canada's hoteliers hit hard by recession...
Toronto Star Having your own hotel is no longer chic - at least for some buyers. Fewer investors are interested in becoming hoteliers as Canada's hotel industry continues to be hard hit by recession and values tumble. Transaction volumes plummeted by 61 per cent to $400 million in 2009, down from $1.1 billion in 2008, according to Colliers International Hotels in a report Thursday. "Hotel real estate went through another turbulent year in 2009," said Tom Andrews, senior vice-president of Colliers.07 May 10
Recession drives hotel investment to five-year low; Problem not raising equity but tight credit
National Post / Financial Post Investment in Canadian hotels last year dropped to levels not seen since 2004, when the industry was dealing with the aftermath of SARS, according to a new report. Colliers International Hotels says there were $414-million in hotels purchased in 2009, a 61% decline from a year earlier. The figure was the lowest since the $360-million of transaction activity in 2004, when tourism was still recovering from the SARS outbreak. At the height of the market in 2007, there was $4.58-billion in activity.06 May 10
Canada’s Hotel Investment Industry Still Shaken by Recession’s Aftershock: Colliers International Hotel’s Annual Report Finds
Colliers International Hotels / Cohn & Wolfe Still under the ripple effect caused by the recession that hit global markets two years ago, Canada’s hotel investment industry experienced yet another challenging year as transaction volume and values continued to spiral downwards, according to Colliers International Hotel’s Canadian Hotel Investment Report released today. Total transaction value declined by 61 per cent from $1.1 billion in 2008 to just over $400 million over the past year, representing only 74 non-strategic hotel transactions led mainly by private investors, who represented 60 per cent of the transaction volume.03 Feb 10
Developer Ian Gillespie has reimagined Vancouver's skyline...
Globe and Mail At the corner of Cordova and Burrard, a one-line poem by British artist Liam Gillick wraps the facade of the new Fairmont Pacific Rim. The 60-centimetre-tall steel letters repeat for 17 storeys: "lying on top of a building the clouds looked no nearer than when I was lying on the street". Inside, a few weeks before tomorrow's opening, construction workers buzzed through the hotel lobby, working on final touches. A marble staircase, the stone quarried in Italy and cut in China, was sheathed in a protective yellow coating. Around the corner, a trolley carrying mirrors rolled through what will be a café/bakery/library/gift shop, the walls adorned with dark American walnut.13 Jan 10
When big debts go bad, resorts bid farewell to grand plans
Globe and Mail The Rosseau has everything you'd expect from a high-end resort perched on some of the most desirable vacation property in Canada - glitzy condo units featuring flat-panel televisions and rustic fireplaces, a glamorous spa for massages and pedicures and a huge conference centre available for weddings and board meetings. The only thing the palatial Muskoka, Ont., resort is missing is strong financial commitment from its commercial bankers, who decided to stop funding the project last May amid cost overruns and concerns over declining real estate values.12 Jan 10
Bidding and Sales Process for the Assets of ‘The Rosseau’ Luxury Resort in Muskoka Ontario Has Begun
Colliers International Hotels / Cohn & Wolfe The sale of one of Canada’s finest and newest luxury resorts, ‘The Rosseau’, has begun and bidders have until January 22, 2010 to formally submit initial documents expressing their interest in participating in the bidding process. Fully completed and operational in August 2009, The Rosseau is a newly constructed lakefront luxury resort located in Muskoka in the heart of Ontario’s famed ‘Cottage Country’.17 Dec 09
From hotel to homeless shelter; As the tourism industry remains deeply mired in recession...
Globe and Mail Tim Quocksister spent $1.4-million to buy a Traveller's Inn in Victoria, but he has no intention of renting rooms to budget-conscious tourists. Instead, he plans to tear down the signs, remove the ice machines and hire someone to make sure the common areas are kept clean. With a little help from the city, the building will become a temporary shelter for homeless families. "It is an opportunity to do something good in the community," says Mr. Quocksister, who runs property group City Metro Properties.26 Oct 09
