469 replies to this topic

[julienne]

This just came in - a rebranding
http://www.thehotelvictoria.com/

[Holden West]

Interesting development!

Has anyone noticed the bronze statue of the fez-wearing guy outside this hotel? It's not shown in this picture but it's been there for a few weeks. I thought it was a Moor or some past historical figure. Maybe it's symbolic--maybe it's a guy that once stuck to to the taxman centuries ago, I don't know.

[VicHockeyFan]

Interesting development!

Has anyone noticed the bronze statue of the fez-wearing guy outside this hotel? It's not shown in this picture but it's been there for a few weeks. I thought it was a Moor or some past historical figure. Maybe it's symbolic--maybe it's a guy that once stuck to to the taxman centuries ago, I don't know.

The statue is some type of tribute to Lebanese guy...I forget the details...

[VicHockeyFan]

From the new website...

Victoria is one of the most beautiful cities in the world. Hotel Victoria is situated at such close proximity to so many of its popular attractions, that experiencing them is merely a short jaunt away! Hosted by Traveller's Inn Hotels & Resorts, Hotel Victoria consists of six elegant studio suites, thematically decorated with artwork by famous historical artists.

[Holden West]

The statue is some type of tribute to Lebanese guy...I forget the details...

Thanks. I knew it was Jamie Farr.

[VicHockeyFan]

The new owner/receiver at City Centre is throwoing a lot of junk away, has several bins on site to take away the garbage. They accidentally picked up Soprano's and threw it out, before they realized there were people inside... : )

No physical change at Downtown, the signage still is Travellers.

[Sparky]

This thing will have all been decided by the secured creditors before the unsecured creditors hold the meeting on September 8. What a mess.

[Sparky]

One more foreclosure today, ASFAR, John Najib
SAFETY FIRST SAVINGS & MORTGAGE CORP v CITY CENTER MANOR HOLDINGS LTD Supreme
Foreclosure Victoria Law Courts 093890 01Sep2009

[Holden West]

SAFETY FIRST SAVINGS & MORTGAGE

Irony alert.

[spanky123]

This has been my concern as well. To lose these extended stay rooms would be devastating to homeless families.

Family trust or not, if funds were intermingled between properties then creditors will have a claim here as well.

[dmvictoria]

During the downswing in tourism I bet there are more than a few business on the precipice. I heard Butchart Gardens numbers have been well below par this year.

[VicHockeyFan]

This thing will have all been decided by the secured creditors before the unsecured creditors hold the meeting on September 8. What a mess.

Yup, all the secured banks have taken over:

Traveller's firms file for bankruptcy

Creditor meetings are scheduled for each of the 21 companies

By Carla Wilson, Times Colonist
September 3, 2009

The 21 companies making up the bulk of Victoria-based Traveller's Inn group have filed for bankruptcy and their hotels are in receivership as creditors claim debts of more than $60 million, says the trustee.

Ken Glover of Glover-Drennan Inc. said 21 bankruptcies were filed on Tuesday. In recent weeks, receivers have been put in place on behalf of secured creditors to run the properties, operated as hotels and extended-stay units.

This move led to the cancellation of a planned Sept. 8 meeting for unsecured creditors. Instead, 21 individual meetings will be held this month for each bankruptcy, Glover said yesterday. Notices are being sent to creditors outlining dates and times.

Not included in a bankruptcy is the Traveller's Inn at 1850 Douglas St., which is still being run by company group owner John Asfar, Glover said.

In an e-mail yesterday, Asfar wrote: "... the companies were put into bankruptcy because all the hotels are now being managed by receivers for the secured creditors and there is no cash flow to operate the companies anymore."

The group includes 14 hotels and long-stay units. In early July, the 21 companies filed an intention to seek creditor protection.

Asfar, who said he is working with about two dozen buyers and realtors, said unsecured creditors will be paid as the various properties sell. He plans to sell all his properties, including his own home in Saanich.

"My No. 1 concern right now is my employees that stood with the Traveller's Inn Hotels and Resorts, and that the secured and unsecured creditors get 100 per cent on the dollar when all the hotel, commercial and residential assets have sold."

Asfar said he will be "donating all the $70M [million] of my appraised equity to charity and to the government for housing for the less fortunate because there are limited resources available to help them and including helping people/families who are on waiting lists for months and years at a time in this community."

That $70 million is what is expected to remain after creditors are paid in full, based on the properties' assessed value, Asfar said.

He wants to see marketing start soon, with sales in the early- to mid-spring because that is the time of year when hotels sell at the highest price.

"Most of the properties are in the community plan for highrise (six-to-one density) and several of the properties will require four to six months for rezoning in order to sell for highest and best use."

A developer has made an offer on 3020 Douglas St., the Vacation Inn, and for three lots on Burnside Road, for a proposal to build a new mall at Douglas and Finlayson streets, Asfar said.

An offer has come in for the former NOW Furniture building, 2269 Douglas St., and another is expected this week, both from casino operators, he said.

Asfar said he plans to eventually move to Africa, where he was born, to help people less fortunate.

Canada's banking system and the Canada Revenue Agency are responsible for his and the Traveller's Inn troubles, said Asfar. He has said he has waited three years for a court date with CRA over GST payments.

Glover said the total amount owed to creditors is between $65 million and $68 million. Of that, secured creditors are owed $62 million to $65 million, with about $3 million owed to unsecured creditors. Asfar said unsecured creditors are owed plus or minus $1 million, and include B.C. Hydro and Terasen.

In such circumstances, a secured creditor is paid first, with whatever is remaining going to unsecured creditors. Secured creditors have claims on specific assets, such as property, and can act independently, as in this case. There can be more than one secured creditor on an asset.

After an August meeting for unsecured creditors was adjourned, Glover learned that all secured creditors of the operating properties were in the process of preparing documents to appoint receivers.

In July, Grant Thornton was appointed as receiver-manager on behalf of Prospera Credit Union for the Vacation Inn and Convention Centre, 3020 Douglas St., and properties at 626 Gorge Rd. East and 2828 Rock Bay Ave.

Campbell Saunders of Vancouver is the receiver for BMO (Bank of Montreal) at the Traveller's Inn property at 760 Queens, Glover said.

New City group has appointed Don Manning and Associates of Vancouver as receiver over the properties at 710 Queens Ave. and 120 Gorge Road, he said. Vancity is the secured creditor for the property at 3025 Douglas St. and 1961 Douglas St., where Don Manning is also receiver of those properties.

Proline Management Ltd. of Victoria is receiver on behalf of Industrial Alliance Pacific of Vancouver for the Esquimalt Manor at 822 Esquimalt Rd., and Field Manor at 723 Field Rd., Glover said.

G-Force Group is the receiver for Bancorp Financial for 2898 Douglas St., he said. At the Traveller's Inn at Cowichan Bay, Hayes McNeill and Partners Ltd. of Duncan is the receiver for a secured creditor as well.

The former NOW building is in bankruptcy, with the Volken Foundation as the secured creditor. There is no receiver for that property, Glover said.

cjwilson@tc.canwest.com
© Copyright © The Victoria Times Colonist

http://www.timescolo...7890/story.html

[spanky123]

Even before I read the byline I knew that Carla Wilson had written this!

Here's a tip for you Carla, stop writing the babble that people feed you and actually use some critical thought.

Previously John had claimed that his properties were worth $80M based on a 2 year old assessment. Today we are told that debts total up to $68M. John is keeping one of the properties (for now) so how can he possibly have $70M in equity to donate?

In all likelihood the guy will have nothing after all is said and done. The marketing and receiver costs, coupled with having to sell the properties in a weak market will eat up any equity left.

[Bob Fugger]

Even before I read the byline I knew that Carla Wilson had written this!

Here's a tip for you Carla, stop writing the babble that people feed you and actually use some critical thought.

The same thought crossed my mind when I read her Len Barrie/BM article this morning...

[Sparky]

I told you all that there would be nothing left by Sept 8th. Interestingly enough the picture that was posted earlier showing 1850 Douglas Street as "The Hotel Victoria" was photoshoped to show the 2 "Hotel Victoria" signs. I just drove by the building and it still has the old signs on it. Perhaps this is the start of a new "virtual chain." Coinsidence that that is the one property that has not filed for bankruptcy. This one is worth a title search.

[Sparky]

Of the six hotels left on the Traveller's Inn website, 5 of the links take you to 1850 Douglas, and one to 710 Queens. I guess the rest of them will not get reservations online anytime soon. There goes the shoulder season. Maybe the webmaster hasn't got to the Queens site yet.

[VicHockeyFan]

Two actions from Tuesday name his father:

ASFAR, Najib Emile
SAFETY FIRST SAVINGS & MORTGAGE CORP v CITY CENTER MANOR HOLDINGS LTD Supreme
Foreclosure Victoria Law Courts 093890 01Sep2009 View File Details

ASFAR, Najib Emile
SAFETY FIRST SAVINGS & MORTGAGE CORP. v QUEENS MANOR HOLDINGS LTD. Supreme
Supreme Civil (General) Victoria Law Courts 093891 01Sep2009 View File Details

[Sparky]

And the plot sickens.

[VicHockeyFan]

Of the six hotels left on the Traveller's Inn website, 5 of the links take you to 1850 Douglas, and one to 710 Queens. I guess the rest of them will not get reservations online anytime soon. There goes the shoulder season. Maybe the webmaster hasn't got to the Queens site yet.

I don't see anything now except 1850 Douglas.