What Rare Downtown Hotel Sale Really Means
It was a downtown property not many people thought the owners would part with. (If Gwyneth Paltrow and Chris Martin can consciously uncouple then anything is possible.) But the $31M sale of the Best Western Plus Sands Hotel at 1755 Davie St tells you a lot about the Vancouver market.
Macdonald Commercial’s Dan Schulz, who repped the undisclosed buyer with Amex Fraseridge Realty’s Sunil Rekhi and Feroz Dean, tells us “While the return is very low, much of the value is with the land and the long-term development potential for the property.” (That's why you always hold on to a rookie card, no matter who it is.) The seller was R.P.B. Holdings. Dan and Sunil are snapped.
The deal really highlights the continued strength of Vancouver’s investment market, Dan tells us. “With continued low interest rates and investors locally and from around the world wanting a piece of Vancouver, we’re going to see highly desirable assets like this one trade,” he says.
