Among the latest signs of a recovery in B.C.’s hotel sector, Victoria International Airport is considering a proposal for a new 129-room Marriott hotel.

Proposed by Kothari Group as its first B.C. project, the hotel will be a TownePlace Suites project by Marriott. The TownePlace brand is described as “an all-suite extended stay upper midscale hotel experience.”

“We see the addition of a hotel at this location as a logical fit and a great new amenity for the airport and community,” said Victoria Airport Authority’s president and CEO Geoff Dickson. “It is an opportunity for Victoria International Airport to further diversify its revenue base which has been dramatically impacted by the pandemic. We look forward to working with the Kothari Group to hopefully see this exciting proposal come to fruition.”

The Kothari Group was established in Canada in 1996 with a focus in real estate related investments. Kothari’s hotel group works with international brands such as Marriott, Hilton, and Hyatt to develop and manage hotels across Canada.

“We are excited to work with Victoria Airport Authority and Marriott International to bring the first true extended stay hotel in this growing tourist and business market. This project is our group’s first of what we hope are many investments in British Columbia and the Greater Victoria region,” said Anupam Kothari, president of Kothari Group, in a statement.

 

The proposal is on federal land within the Town of Sidney’s boundaries. Sidney’s staff and council will have the opportunity to review and provide comment on the proposal.

If approved, construction could begin in early 2023. It is expected to take 18 to 24 months to complete the hotel with plans that call for a restaurant, 1,500 square feet of meeting space, a swimming pool, and a fitness center.

There are currently more than 400 TownePlace Suites properties across the United States and Canada.

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Kelowna, and with it the Central Okanagan, has the fastest-growing population in Canada, posting a 14 per cent increase from 2021 to 2026, according to Statistics Canada.

With 224,000 people, the city of Kelowna has twice the population of Nanaimo, Kamloops or Prince George as the second-largest B.C. city outside of the Lower Mainland.

The broader Thompson-Okanagan region is currently growing at about 1.6 per cent per year, hitting 620,000 in 2021 and adding roughly 10,000 new residents annually.

Judging by real estate development being launched this spring the regional population will continue to accelerate, providing the current residential downturn proves shallow and brief. It is housing, after all, that is driving the real estate market across the Okanagan, but residential sales have slowed recently.

In May, total Okanagan home sales were down 28.5 per cent from a year earlier, though the average price increased nearly 10 per cent, year-over-year to $785,600, according to the B.C. Real Estate Association (BCREA).

The BCREA is now forecasting that Okanagan home sales will drop 19 per cent this year, from 2021, and fall a further 14.8 per cent in 2023, with home prices eking out just 1.3 per cent increase that year compared to 2022.

May sales across the Okanagan slid down only 1.2 per cent compared to April, noted Lyndi Cruickshank, president of the Association of Interior Realtors, which she said reflects the market’s stability.

 

The mantra in the Okanagan real estate community is that a lack of supply has helped to stifle sales and keep prices rising. This year should test that theory, if all the current projects proceed.

One of the largest is Greata Ranch, a 46-acre lakefront parcel near Summerland between Kelowna and Penticton along Highway 97. On the development radar for more than a decade, the property has now been extended with the addition of 28 adjacent waterfront acres, the Butler family lands.

The entire 74 acres is now being marketed as a single parcel for mixed-use with a residential emphasis, according to Stephen Webber, associate vice-president of Colliers International.

The price will be decided by bids submitted by potential buyers on the vendor’s “form of offer.”

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Hazelview Investments paid $332,075 per unit for CX, a 212-unit rental property that ranked as Edmonton's top apartment deal in the first quarter.

Edmonton’s investment market is gathering momentum as the economy reopens post-COVID.

The first quarter of 2022 saw investment transactions increase 19 per cent versus a year ago to $682 million on a volume of 177 transactions, according to new Altus Group data. This was a significant acceleration from growth in all of 2021, when aggregate deal value increased just 2 per cent.

However, the volume of transactions was down 12%, largely due to the surge in transactions at the beginning of 2021 as deals deferred by the pandemic came to completion. The actual number of transactions has held steady for three quarters at 177, give or take a deal.

Multifamily rental properties dominated activity, accounting for the largest segment of sales by value at 39 per cent as well as the strongest growth in the quarter.

 

The aggregate value of apartment sales in the quarter was $263.4 million, up 122 per cent from a year ago. The top deal, according to Altus data, was the $81-million sale of CX at 10022 110th Street NW.

CX is a newly constructed 212-unit apartment building that sold to Hazelview Investments at a price of $332,075 per unit, the highest per-unit sale price achieved in Edmonton since the The Mayfair on Jasper ($420,168) and Chartwell Emerald Hills ($468,750) sold in January 2020.

The second most-valuable asset class was industrial, with deals totalling $183.7 million the quarter, up 5 per cent from a year ago. However, with little available product, investment activity dropped from recent quarters.

The second-strongest growth occurred in the retail market, which claimed a smaller share of transaction value at $78.3 million, or just 11 per cent of the total. The aggregate value of transactions was up 50 per cent, while number of transactions totalled 23, up marginally from a year ago.

The weakest segments of the investment market were office, hotel and land for institutional, commercial and industrial (ICI) projects.

ICI land was the third-most active asset class in terms of both deals completed (46) and value (slightly less than $83 million) in the first quarter of 2022, but volume was down 13 per cent and value fell 34 per cent versus a year earlier.

Office transaction value was “anemic” at just $25.9 million, posting the largest decrease of any asset class versus a year earlier at 54 per cent.

Nevertheless, overall capitalization rates compressed across all asset classes, Altus reported, pointing to the return of investor confidence to the Edmonton market.

“A rebound in energy prices combined with an improvement in the province’s economic fortunes associated with the winding down of COVID-19 restrictions have led purchasers to increasingly see value and transact in an Edmonton market where investor confidence is on the rise,” Altus Group said, forecasting continued improvement through the remained of 2022. “[It] is likely to continue this trajectory as the province’s economic fortunes start to recover and the region’s affordability combined with improving employment outlook serves to draw people to the city.”


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Smaller hotels and motels in B.C. outlier markets had outperformed occupancy rates of urban flags that rely on corporate and tourism trade, but times are changing                          -Frank O'BrienMar 18, 2022 7:05 AM
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Northern Alberta Motel For Sale: 40-room-motel from retiring owner. 10 rooms have desirable kitchenettes. Great location that includes 1.4 Acres Located on the HIGHWAY in a high traffic location with loads of potential. Oil prices are increasing! Has managers suite.  THERE IS AN EXISTING AGREEMENT IN PLACE TO CONVERT TO A MOTEL 6.
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This property is beautifully treed and features 27.07 acres with numerous buildings and a camping area with water/sewer and power. The main building (6,270 Sq.Ft) features a commercial kitchen, dining area/gathering place. The basement in this area (2,811 Sq.Ft) . Outside is just as amazing as the inside with paved/concrete walking trails taking you to baseball diamond, soccer field, volleyball court, auditorium, campground (with power, water and sewer to each site), tuck shop, shower house, new and old cabins, and shop repair (28’x 20’). The shower house has toilet stalls, 6 sinks, 3 showers on both sides (girls and boys) and is heated year round. The round auditorium (built 1972) is massive (5,150 Sq.ft) and has seen numerous upgrades through the years.

There is also a bungalow home for the grounds keeper (approx. 1,100 Sq.ft) with 2 bedrooms living room, kitchen/dining area. This area also has a 1.5 car garage for ground keepers use.

To complete this package, there are 4 cabins built approx. 5 years ago and 16 rustic older cabins. At the East corner of the property there is a small riding arena with barn and box stalls for horses. On the West corner is a pond with boat house that houses 18 Canoes and paddle boats used for recreational use. To complete this package, there is also a playground with a sand base and mini golf course. A true paradise! This camp has tons of amenities with spectacular views and the serenity of the country. 

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Visible on HWY 1 with 24,000+ vehicles/day! Established family-run motel with steady revenue, 24 room motel sitting on 2 city lots + an additional 2 bare lots in South West Industrial subdivision of Medicine Hat. Most rooms have been recently renovated and are clean, bright and well-managed. Several long-term tenants and steady flow of guests. On-site manager's suite feat 2 bedrooms and kitchenette. Great opportunity to cash in on while lending rates are low and "travel local"/staycations are on-trend!
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$264 million deal is the largest retail acquisition in the Co-op’s history

(Most of the stations being sold are in B.C. and Alberta)


Saskatoon-based Federated Co-operatives Limited (FCL) is investing $264 million to purchase 181 Husky retail fuel sites in Western Canada from Cenovus Energy Inc., the largest retail acquisition in the Co-op's history.

The December 2021 announcement was made on behalf of local Co-ops in the Co-operative Retailing System.

The acquired retail fuel sites include a mix of gas bars, on-site car washes and convenience stores. Once the deal is complete, FCL said, it will transfer the sites to several independent local co-ops across Western Canada. 

 

"These new locations will strengthen our presence in Western Canada and will bring our unmatched service and support to new geographic areas,” stated the FCL in a release.

The deal is part of about $660 million in asset sales Cenovus announced December 7. It’s subject to regulatory review by the Competition Bureau of Canada, which may determine which sites stay in the deal.

Those that stay will be transferred over to local Co-ops, while others will remain with Husky branding for a short time while being suppled, according to FCL.


FULL STORY

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Commercial and industrial sales are tracking to top $2 billion this year as the housing market flirts with a 16-year record high for transactions in November (Frank O'Brien Dec 3, 2021 5:43 PM - Western Investor)
A 162,724-square foot warehouse with 80,418-square feet of office space on 14 acres on 42nd Street SE, Calgary, sold for $32.18 million in the third quarter 2021. | Nexus REIT


With $468 million in sales – not counting the $1.2-billion Bow office tower purchase that has yet to close – in the third quarter (Q3) 2021, Calgary is on track to top $2 billion in commercial and industrial real estate sales this year, according to Altus Group.

Meanwhile housing sales in November reached 2,110 transactions, just shy of the record for the month set in 2005, as the sales-to-new-listing ratio hit a blistering 100 per cent.

Altus reports that the Calgary’s commercial real estate market recorded 115 transactions for a total investment volume of $468 million in the third quarter, bringing the total investment volume for the year close to $2 billion. The total sales volume was up 37 per cent from the first three quarters of 2020.

Industrial sales led the commercial and industrial assets investment parade in the third quarter, with 27 transactions valued at $188 million. This sector was dominated by two substantial distribution logistics centre deals. These were the $69.7 million purchase of a Canadian Tire 496,000-square-foot distribution centre by Skyline Commercial Real Estate Investment Trust (REIT); and the $32.18 million sale of the Valad Construction headquarters industrial and office complex to Nexus REIT. 

The ICI (industrial-commercial-institutional) land sector was the second most active in terms of dollar volume with 38 transactions amounting to $83 million, up 62 per cent from Q3 of 2020.

The multi-family rental apartment sector saw 15 transactions totalling $82 million, a 70 per cent increase from the same point last year, and only a marginal decrease from the previous quarter.

The retail sector tallied $44 million in transactions amounting to a 110 per cent increase from Q3 2020. 


The biggest retail sale was the $8.35 million purchase of the Hansen Ranch Plaza, a near-12,000-square-foot retail centre in northwest Calgary, bought by local investors.

“Calgary’s beleaguered office market has remained flat, with five transactions amounting to $15 million, a negligible change from the same quarter last year,” noted Ben Tatterton, manager of data solutions at Altus, who prepared the Calgary report with national research manager Krut DSesai.

The landmark sale of the Bow office tower will be registered in a future quarter, Altus noted.

The two-million-square-foot Bow tower was purchased in August from Toronto-based H&R REIT by Oak Street Real Estate Capital, of Chicago, for $1.216 million, in a deal expected to close by the end of this year.

The Calgary Real Estate Board (CREB) reported a rush of home buyers in November.

“Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise,” said CREB chief economist Ann-Marie Lurie. She added that supply levels have tightened, causing prices to rise.

The benchmark composite home price in November was $461,000, up nearly 9 per cent from November of 2020, according to Lurie.

 
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The most affordable motel currently listed in the Lower Mainland. Prime location in Hope. Opportunity to own a motel business in beautiful Hope. This motel is located just within walking distance to shopping center, restaurants, gas stations and some fast food chains. It has 22 rooms on huge .587 acre of flat and useable land. Please do not approach motel staff directly. All appointments must go through listing brokerage.
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PROFITABLE Barber + Salon for sale, $250,000 in NW Calgary

--The ONLY barber in the community

--gross sales $380k in 2020, $500k in 2021

--Rent is $4800/month including op cost, utilities $500/month

-- 3 hair cut tables, 6 salon tables, 2 sinks

-- 2.5 yrs lease left, 5 yrs renewal option

-- 2 barbers, 2 hair stylists

--contact for confidential details

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Pizza restaurant (Take out ONLY), Sales $430,000-2020 and $537,000-2021, 799 sq.ft., 2 yrs left, 5 yrs renewal option;

Gross Rent:$3,124/month including gas & electricity. Sales increases year after year. GOOD reviews. Serving SW including other Calgary areas due to some special popular menu offered including vegan, dairy free, allergen free. Staff can work on Catering business when orders are not busy during the day. Don’t miss this and hurry before owner changes mind.

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This turn key updated motel is the perfect setup for an ever growing working person community. There are 40 updated rooms with great room mixes of kitchenette rooms and 1 bedroom suites. No common hallways to clean, crews have easy view and access to their trucks and equipment, lots of parking (approx. 44) and a highway frontage road for the bigger rigs, and theres guest laundry machines. Grocery stores, several fast food restaurants and Totem mall across the road. Lots of mechanical heating updates and the buildings are well maintained and clean. Managers residence and an experienced manager and staff available to serve your needs.
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JUST REDUCED!!GREAT INDUSTRIAL NO CONDO FEE BUILDING . FRONT IS VACANT NOW HAS GROUND LEVEL SHOWROOM AREA, KITCHENETTE + 2 OFFICES , HALF BATH + 3PCE BATHS . 2ND FLOOR RECEPTION , CONFERENCE ROOM , 4 LARGE OFFICES 2 HALF BATHS. REAR DRIVE IN 12'X12' INTO WAREHOUSE + 2 LARGE STORE ROOMS . 2ND FLOOR OFFICE/MEZZ AREA. 


3300 SF BUILDING AREA FOOTPRINT + MEZZ . FAIRLY NEW BUILDING . 4 ASSIGNED PARKING STALLS FRONT + REAR PARKING + LOTS OF STREET PARKING AS THERE IS NO BUILDINGS IN FRONT. GREAT OWNER OPERATOR POTENTIAL OR MIX TENANTS. OWNER MAY CONSIDER LEASING OPTIONS ON FRONT OFFICE SPACE ALL FURNISHED. REAR TENANT NEEDS 24 HRS NOTICE. ALL OFFERS ENTERTAINED!!

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Great opportunity found within this Gas Bar, Convenience Store and Liquor Store. Situated in the community of XXX this business has great potential with the flexibility found within the site. Zoned C2, the property is adjacent to a major thoroughfare providing excellent exposure. Access to the property is very conducive to traffic flow.

The building is approximately 3300sqft which is compiled of; Convenience Store 1740sqft, Liquor Store and Mechanical Room 1170sqft and Storage Area 390sqft. The site area is roughly 27,750sqft. Fuel pumps and underground storage tanks were replaced approximately 12 years ago. The site is fully paved providing excellent access and circulation areas based on the 12% site coverage. Great opportunity within a wonderful community. 

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Situated on a total of 1.71 acres of land in the North Kamloops area, main building consists of 3 floors totaling 34,342 f. The rear 1.07 acre lot offers another building (previously a liquor store) with approx 2,400+ sf. This 60 room hotel has plenty of future potential in room rentals, restaurant and/or neighbourhood pub development. New owners with w/hotel management experience, new ideas & marketing abilities can turn this into a very profitable multi-faceted business. Listing incl both 377/385 Tranquille Road and 346 Campbell Avenue. Both properties are C1T zoning.
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Opportunity to own a 28-seat, full liquor licence, 900 sf established Japanese restaurant. Located in affluent area across Crowchild from Marda Loop, high density residential area near by with many new infills, ample parking. Excellent negotiated lease with low op cost. Established business, low competition. Everything is set up, waiting for you to take over.
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Excellent opportunity to own a well estatablished childcare business in East Rocky View. Preschool/Before & After School programs offered by this childcare facility has a capacity of 30 students per class with potential of 150 students per school year.

Excellent location with close proimity to 2 Elementary schools. 1680 sq.ft., monthly rent is $2,856 plus $805 op costs. Location is not disclosed, all viewings by appointment only.

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OWNER RETIRING. Great well maintained Motel business. The property is located in the heart of town. The Motel is extremely well supported by the local and tertiary community. Occupancy numbers and revenue are rising. Owner is retiring for reasons he will disclose. Price is extremely reasonable, DON"T MISS IT OUT ! Good Luck ! (Map Location, Postal code and Legal description is not correct as owner wont like to disclose until Confidentiality Agreement is signed)
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