586 replies to this topic

[todd]

Oak Bay Beach Hotel

Attached Images

• 

[Mike K.]

You're on a roll today

 

This is fantastic.

[todd]

 

October 15, 2015 Times Colonist

 

Oak Bay Beach Hotel put up for sale, price unlikely to cover debts 

 

The Oak Bay Beach Hotel’s receiver plans to put the “trophy property” on the market next week with the goal of confirming a sale by March.  

 

....................

 

see more: http://www.timescolo...h.eLe1eugz.dpuf

[VicHockeyFan]

Unlikely? Expected to sell for less than $75M. $140M owing.

[amor de cosmos]

Bourree said it is a good time to take the Oak Bay Beach Hotel to market. The property has 100 hotel units and 20 condo units.

The value of most Canadian hotels is climbing and the industry is “having a record year,” Bourree said. The hotel’s desirable features include the quality of construction, waterfront location, strong management and marketing initiatives, he said.

Chinese buyers, who have been active in the B.C. hotel market in recent years, and North American investors will probably vie for the property, Bourree said. He figures it will sell for close to $71.6 million, the value of the construction loan owed to a five-member syndicate. The property’s most recent assessed value is $66 million.

Receiver Mike Bell said in a report this week that for the construction lenders to get full recovery on their money, proceeds (net of transaction costs and fees) of $75 million are needed. Even if the construction loan is paid off, that would leave the rest of the creditors — including 49 bondholders who invested in hotel suites and condominiums — out of luck, not to mention several trades and other creditors.

http://www.timescolo...ector-1.2087306

[Mike K.]

There has been an explosion in the kitchen of the hotel. Emergency crews are responding.

[Sparky]

That last "WOOF" you hear....ain't no dog.

[todd]

 

http://www.timescolo...h.g8k5tpLH.dpuf

Times Colonist -- December 27, 2015 11:22 AM

 

Can explodes, causes minor injuries at hotel

 

....

.........But it turned out that a container about the size of a can of whipped cream had exploded about 8 a.m., causing a minor injury to one staff member, said Const. Chris Goudie.

 

Other than the injured staffer, "it's a non-issue," he said.

 

- See more: http://www.timescolo...h.g8k5tpLH.dpuf

[SimonH]

It was probably a can of worms.

[VicHockeyFan]

New owner on the horizon, could know who as early as Monday.

 

http://vancouverisla...roval-1.2793530

 

Anybody wanna take bets?

 

Nat Bosa?

Ken and Patricia Mariash?

Randy Wright?

David Foster?

John Travolta?

Weiwei Li, Yulu Zhang and Dongxia Zhang?

[Mike K.]

Jawls?
Fairmont maybe? A big hotel chain could be a huge boon for business. Imagine if it were a Four Seasons.

[todd]

Oak Bay Marine Group?

[VicHockeyFan]

Oak Bay Marine Group?

 

I think they are getting out of that business.

 

http://www.timescolo...sorts-1.2167052

 

I actually think it'll be some off-shore investor we've never heard of.  It's a pretty attractive property, and the timing is right with our dollar.  5 years ago, it was 7 Chinese Yuan to 1 Canadian dollar.  Today it floats well under 5.

[todd]

I think they are getting out of that business.

 

http://www.timescolo...sorts-1.2167052

 

I actually think it'll be some off-shore investor we've never heard of.  It's a pretty attractive property, and the timing is right with our dollar.  5 years ago, it was 7 Chinese Yuan to 1 Canadian dollar.  Today it floats well under 5.

 

Or just changing the business, but you may be correct, will take bets via private message.

[Bingo]

New owner on the horizon, could know who as early as Monday.

 

http://vancouverisla...roval-1.2793530

 

Anybody wanna take bets?

 

Nat Bosa?

Ken and Patricia Mariash?

Randy Wright?

David Foster?

John Travolta?

Weiwei Li, Yulu Zhang and Dongxia Zhang?

 

Foster. He already has his piano in the lobby.

[Sparky]

I just got off the phone with my buddy who has some skin in the game that he won't get back.

 

Apparently there were 20 or so parties interested in the sale that were then qualified down to about a dozen. From there 5 or 6 were shortlisted to the 'offer" stage.

 

The bidding process however is not necessarily "all or none". Offers could be made on the hotel and not the condos or visa versa. Potential owners could also buy shares in the Walker's company and keep them in the game. There also could be more than one purchaser.

 

Stay tuned....

[todd]

I just got off the phone with my buddy who has some skin in the game that he won't get back.

 

Apparently there were 20 or so parties interested in the sale that were then qualified down to about a dozen. From there 5 or 6 were shortlisted to the 'offer" stage.

 

The bidding process however is not necessarily "all or none". Offers could be made on the hotel and not the condos or visa versa. Potential owners could also buy shares in the Walker's company and keep them in the game. There also could be more than one purchaser.

 

Stay tuned....

What kind of spa do they operate?

[Bingo]

Foster. He already has his piano in the lobby.

 

UPDATE

Went by today and the piano is gone, but the Rolls is still out front...for now.

[AllseeingEye]

The betting (verging on fervent "hope"based on some comments) on several local F-B groups is that its Travolta or a group including him apparently because he supposedly owns a few properties in this area and on the south island. Dunno. Personally I could care less although if he were involved perhaps he'd open up a "Scientology North" campus.....

[Bingo]

Travolta is Robert Shapiro in the OJ drama... and OMG what did he have done to his face.