Broadway Corridor Updates

[officedweller]

Maybe this one would be more like The Smithe with on-line booking and self-check-in rather than a full service hotel like L'Hermitage.

[jollyburger]

That project just got demo permits and the first stage of excavation/shoring approved at the end of June.

https://plposweb.vancouver.ca/Public/Default.aspx?PossePresentation=Guest&PosseObjectId=281023631

[Changing City]

Originally Posted by whatnext

Hotel rooms are the next bubble apparently.

Another cheery Friday thought?

In 20 years we've seen 30 hotels close in the City of Vancouver, with over 3,500 rooms. And only 15 have opened, with under 2,000 rooms. There are less than 1,000 rooms under construction, so we haven't even built back what we've lost yet - so a few more (especially outside Downtown) would be no bad thing.

[whatnext]

Originally Posted by Changing City

Another cheery Friday thought?

In 20 years we've seen 30 hotels close in the City of Vancouver, with over 3,500 rooms. And only 15 have opened, with under 2,000 rooms. There are less than 1,000 rooms under construction, so we haven't even built back what we've lost yet - so a few more (especially outside Downtown) would be no bad thing.

And yet our tourism industry continued to power ahead. They certainly had no qualms inviting FIFA.

I guess developer shave decided purpose-built rental isn't going to save their butts so this is the latest thing. Conveniently, I'm sure they'll be able to convert these units back into microcondos should they think consumers are ready to dive back into that sad trend.

[seamusmcduff]

I for one wish my family could visit and stay in a hotel room for less than an arm and a leg. The tourism industry is strong despite the lack of hotel rooms, not because of it, and it has other negative impact son the city. We really have no budget hotels, and plenty of people, including tourists, our own families and hospital visitors avoid the city due to the cost.

Obviously none of the under construction and proposed hotels are budget friendly, but the whole reason that regular hotels here can charge luxury prices is because the lack of competition and under supply

[Migrant_Coconut]

TBF we did have budget hotels, it's just that the Stewart council decided that they'd be better off as temp shelters (and with no oversight). Now we need to pick up the spare.

[whatnext]

Originally Posted by Migrant_Coconut

TBF we did have budget hotels, it's just that the Stewart council decided that they'd be better off as temp shelters (and with no oversight). Now we need to pick up the spare.

That’s the problem, it’s pretty much impossible to build a budget hotel given the ridiculous prices land was driven up to. And now construction costs are high. Those budget hotels the NDP bought must be write-offs now. I can’t see them returning to commercial use given how the tenants treated them.

[Changing City]

Originally Posted by Migrant_Coconut

TBF we did have budget hotels, it's just that the Stewart council decided that they'd be better off as temp shelters (and with no oversight). Now we need to pick up the spare.

The City bought two hotels - BC Housing bought five and the Federal Government bought one hotel to try to house more of the homeless during COVID, in 2020 and 2021. The City Centre Motor Hotel also closed in 2020.

[Changing City]

Originally Posted by whatnext

That’s the problem, it’s pretty much impossible to build a budget hotel given the ridiculous prices land was driven up to. And now construction costs are high. Those budget hotels the NDP bought must be write-offs now. I can’t see them returning to commercial use given how the tenants treated them.

Modo Hotel just opened. Former SRO in very poor condition.

[WarrenC12]

Originally Posted by seamusmcduff

I for one wish my family could visit and stay in a hotel room for less than an arm and a leg. The tourism industry is strong despite the lack of hotel rooms, not because of it, and it has other negative impact son the city. We really have no budget hotels, and plenty of people, including tourists, our own families and hospital visitors avoid the city due to the cost.

Obviously none of the under construction and proposed hotels are budget friendly, but the whole reason that regular hotels here can charge luxury prices is because the lack of competition and under supply

This x100. Not just my family and friends but I always hear about people wanting to visit but just can't afford to.

whatnext has no friends and his family doesn't want to visit him for understandable reasons.

[seamusmcduff]

Originally Posted by whatnext

That’s the problem, it’s pretty much impossible to build a budget hotel given the ridiculous prices land was driven up to. And now construction costs are high. Those budget hotels the NDP bought must be write-offs now. I can’t see them returning to commercial use given how the tenants treated them.

So you think we should just throw our hands up and not build any hotels if they can't be budget ones?

At least that's consistent with your views on housing I guess ...

[Changing City]

Originally Posted by whatnext

That’s the problem, it’s pretty much impossible to build a budget hotel given the ridiculous prices land was driven up to. And now construction costs are high. Those budget hotels the NDP bought must be write-offs now. I can’t see them returning to commercial use given how the tenants treated them.

This is drifting off into a discussion that probably ought to be on another thread. But the Broadway Corridor hotels could be much more friendly to budget conscious travellers than Downtown. The cost of land and construction argument is a red herring - if new hotels can be developed in generally expensive locations like Brooklyn, but in commercial areas rather than on main streets, then the same could happen here. And there are commercial areas where hotels have been proposed in the Broadway Corridor. Some could be a Comfort Inn, or a Super 8 in a reasonably basic structure - they don't all have to be mid or high end offerings.

[logan5]

Originally Posted by WarrenC12

whatnext has no friends and his family doesn't want to visit him for understandable reasons.

Lol.

[jollyburger]

Insolvent project at 2511 Spruce sold to RBI Group (same guys behind the hotel on Main Street at the Cobalt)

https://howardchai.substack.com/p/mingli...ouver-broadway-insolvency-sold-rbi-group

[csbvan]

I was wondering when this would sell. I wonder if hotel uses will be part of the final project?

[whatnext]

Originally Posted by jollyburger

Insolvent project at 2511 Spruce sold to RBI Group (same guys behind the hotel on Main Street at the Cobalt)

https://howardchai.substack.com/p/mingli...ouver-broadway-insolvency-sold-rbi-group

Did they manage to unload their Capstan project?

The wineries in Kelowna haven't been sold yet. Given the timing one can only assume this is all somehow linked to China's real estate meltdown.

[Doodler]

Originally Posted by whatnext

Did they manage to unload their Capstan project?

The wineries in Kelowna haven't been sold yet. Given the timing one can only assume this is all somehow linked to China's real estate meltdown.

Minglian had a few properties for sale in the Okanagan. I know the Terralux winery location in West Kelowna has been sold.

[officedweller]

Soroptimist House Vancouver

https://www.instagram.com/p/DdUllp5DwCP/?img_index=1

[LeftCoaster]

Looks great, especially for a rental.

Curious if their little blurb about being inundated by applications is true or just a bit of a marketing ploy.

[Changing City]

Originally Posted by LeftCoaster

Looks great, especially for a rental.

Curious if their little blurb about being inundated by applications is true or just a bit of a marketing ploy.

It's likely to be true. You don't get many new 135-unit social housing buildings in that area.