[officedweller]

The first paragraph refers to the sale of one of GEC's existing operations in Vancouver
- maybe the former Best Western on Granville Street or the VIVA Tower on Howe Street.

GEC will continue to operate the building that was sold for 5 years.
(i.e. like most hotels are owned by consortiums or pension funds, etc. and are managed and operated by hotel companies under various banners. Concord Pacific owned the Westin Bayshore, for example.)

I think this means that GEC will have more money to build the Richmond and Surrey projects.