2185 replies to this topic

[Victoria Watcher]

How many people actually go with the plans offered? If you have $1M for the lot you liklely have your own unique design ideas.

[lanforod]

True, but do these sales not inflate pricing a bit when they include plans? I genuinely don't know the answer to that. Maybe even more if they include actual permits too.

[Mike K.]

It helps sell the listing by depicting what’s possible.

[Victoria Watcher]

City of Langford suing Bear Mountain developer for $1.88M

 

In a civil claim filed in B.C. Supreme Court, the City of Langford said Vancouver-based Ecoasis did not pay a yearly agreed-upon amount by Dec. 31, 2023.

 

https://www.timescol...or-188m-8462311

 

 

 

According to the claim, the company paid a portion of the road’s cost with development-cost charge credits, but a dispute arose regarding the amount owing to Langford and the timing of the developer’s payment.

 

The claim said that ultimately the two sides entered into a settlement agreement with an effective date of February 2023 when Ecoasis agreed to pay the city $1,886,353.

 

Ecoasis paid an initial $90,000 and another $300,000, but failed to make a scheduled payment of $300,000 by Dec. 31, 2023, the civil claim said. The payment plan was designed to also include $300,000 payments by the end of 2024, 2025 and 2026 and a final payment of $296,353 to complete the agreement.

 

But the missed payment at the end of 2023 triggered the default and Langford’s civil claim for the whole amount owed plus costs.

Edited by Victoria Watcher, 19 March 2024 - 04:56 AM.

[LJ]

In other Bear Mountain news, the golf course owners have decided not to renew their lease with the hotel owner. So say goodbye to the present member's lounge,  locker room,  proshop, cart storage etc. 

 

Can't wait for the new trailers to show up.

[lanforod]

Oh, that's not great. Do the owners have some land access to build something?

[Mike K.]

What’s going on up there?

And whatever happened with that public trail access snafu?

[Matt R.]

It’s still being charged, was there a snafu?

[Victoria Watcher]

WESTIN BEAR MOUNTAIN HOTEL SOLD TO LOCAL BUSINESSMAN AND ENTREPRENEUR
Posted on July 19, 2019
by Shalu Mehta/Black Press

The Westin Bear Mountain Golf Resort and Spa has been sold.

Ecoasis, the company that owns the Bear Mountain Resort has entered a “working alliance” with Raoul Malak, a local entrepreneur and businessman. Ecoasis will still own and be responsible for Bear Mountain’s golf and tennis operations and developable lands while Malak will take over the Westin Bear Mountain’s hotel operations.

Dan Matthews, Ecoasis chief executive officer, said in a statement that the company is at a stage in its business and growth strategy where it is “actively entering into relationships with like-minded companies and individuals that have the passion and expertise in specific disciplines that make up a multi-faceted resort like Bear Mountain.”


https://bearmountain...d-entrepreneur/

Edited by Victoria Watcher, 19 March 2024 - 11:24 PM.

[Victoria Watcher]

Some “colourful” tellings of that hotel owners business history online.

[lanforod]

Turns out they aren't so 'like-minded' after all eh.

[LJ]

WESTIN BEAR MOUNTAIN HOTEL SOLD TO LOCAL BUSINESSMAN AND ENTREPRENEUR
Posted on July 19, 2019
by Shalu Mehta/Black Press

The Westin Bear Mountain Golf Resort and Spa has been sold.

Ecoasis, the company that owns the Bear Mountain Resort has entered a “working alliance” with Raoul Malak, a local entrepreneur and businessman. Ecoasis will still own and be responsible for Bear Mountain’s golf and tennis operations and developable lands while Malak will take over the Westin Bear Mountain’s hotel operations.

Dan Matthews, Ecoasis chief executive officer, said in a statement that the company is at a stage in its business and growth strategy where it is “actively entering into relationships with like-minded companies and individuals that have the passion and expertise in specific disciplines that make up a multi-faceted resort like Bear Mountain.”


https://bearmountain...d-entrepreneur/

Stupidest business decision ever made.

[LJ]

What’s going on up there?

And whatever happened with that public trail access snafu?

The hotel owner and the golf course CEO share an intense dislike of each other.

[Mike K.]

I still don’t understand what’s leading to the lawsuit, the access restriction and the drama.

Why does the golf course meddle in the affairs of a hotel? Who decided to charge an access fee to the trails? Was it the hotel, or the golf course? Or neither?

[Victoria Watcher]

They sold the hotel to get some cash.

Unfortunately the hotel also caters to and has features the golfers like and use.

No idea why they are not making the road instalment payment. Maybe they are short of cash.


Not sure any private property owner wants people using their property for free.

[Mike K.]

I see, so BM the Golf Course/Resort, sold the hotel off, now they don’t get along with the hotel owner.

Got it.

[Victoria Watcher]

$15,900,000

 

 

 

Claire Group & Cushman & Wakefield are excited to present investors with a remarkable oppotunity to purchase this expansive 18+ acre land parcell situated on Bear Mountainin Langford, BC. This property holds significant potential for redevelopment into a distinctive neighborhood featuring a mix of apartment buildingd, townhouses, and detached homes. Prospective buyers are encouraged to engage with the city of Langford to verify and discuss their redevelopment intentions.

 

 

https://www.realtor....d-bear-mountain

[Victoria Watcher]

 

 

[Victoria Watcher]

Bear Mountain owners owe $62 million to a creditor that was due on May 1, and that creditor is now asking for the owners to enter receivership.

 

Sanovest is a partner in the project and secured creditor with around $62 million plus interest outstanding on the loan, it says in a court filing.

 

“The loan came due on May 1, 2024 and, despite demand, has not been repaid,” Sanovest says in its court filing. “In fact, the Developments Partnership has failed to make any payments to Sanovest since July 2023.”

 

Sanovest is asking a receiver to step in to “preserve the Respondents’ assets and ensure fair treatment among creditors.”

 

Bear Mountain is independent from the Westin Bear Mountain Resort & Spa, which is unaffected and the Westin Hotel, Amatista Spa and the food, beverage and conference facilities all remain open and unaffected by this filing.

 

Sanovest has filed this request to enter receivership against 15 owners of Bear Mountain, which encompasses its development and resort partnerships. The resort partnership includes the Ecoasis properties and golf course.

 

Bear Mountain has not yet filed a counterclaim to the application filed in the Supreme Court of British Columbia in bankruptcy and insolvency. The claim was filed on May 22, and Bear Mountain has 21 days to file a response.

 

In addition to the unpaid loan, Sanovest noted that the lease for the golf course is “critical to operations” and the lease expires on June 30, 2024, and there is “no viable strategy to extend that lease or replace the services it provides.”

 

 

https://www.cheknews...m-loan-1206568/

 

 

 

 

 

2023:

 

The CEO of a development partnership claims a major shareholder is trying to thwart plans to establish a resort community on Vancouver Island.

 

Sanovest Holdings Ltd. and 599315 B.C. Ltd. are equal partners in Ecoasis Developments LLP, which was formed in September 2013 to build a B.C. resort community under the company name Ecoasis Bear Mountain Developments Ltd. (EBMD).

 

The Bear Mountain project operated without significant hitches until June 2021, according to a recent lawsuit filed by 599315 and the LLP against Sanovest and Tian Kusumoto, a representative of Sanovest.

 

In a petition to the court, filed on the same day as the lawsuit, Matthews and 599315 claim Tian Kusumoto sought to advance a new goal for the Bear Mountain development that runs contrary to the original goal.

 

“Kusumoto has sought to radically alter the business objectives by seeking to involve EBMD and the partnership in vertical building partnerships with developers rather than pursue the established plan of bulk sales of multi-family sites and single-family residential lots,” the petition claims.

 

 

 

https://www.biv.com/...funding-8272071

 

 

 

 

 

2022:

 

Two separate lawsuits have been filed against the owner of several Bear Mountain properties over alleged self-interest, failure to disclose financial information, and unpaid loans.

 

The first suit involves Sanovest Holdings, which joined into a partnership with 599 and Ecoasis Bear Mountain Developments (EBMD) in 2013 to buy several properties on Skirt Mountain, including two golf courses, The Westin Bear Mountain Golf Resort and Spa and pieces of real estate.

 

Sanovest Holdings alleges in court documents that the owner of 599 and 50 per cent owner of EBMD, Daniel Matthews (Sanovest owns the other half of EBMD), moved assets away from the partnership to a separate company, Bear Mountain Adventures (BMA) – owned by Matthews and Tomoson Kusumoto, who is also director of EBMD – without properly disclosing the deals to Sanovest.

 

https://www.vancouve...mpanies-7233742

Edited by Victoria Watcher, 29 May 2024 - 01:25 AM.

[Victoria Watcher]

In addition to the unpaid loan, Sanovest noted that the lease for the golf course is “critical to operations” and the lease expires on June 30, 2024, and there is “no viable strategy to extend that lease or replace the services it provides.”

 

 

 

What does that mean, exactly?

 

Who leases what from who?