In acquiring a majority stake in The Westin Grand Vancouver, Pacific Reach Properties has seized a "rare opportunity" to snag a prime piece of real estate in a "high barrier to entry thriving pocket” of downtown, according to Colliers, which announced the deal. The 207-suite hotel at 433 Robson St had received “significant interest" from a variety of domestic and foreign capital sources, the firm added. Sale price was not disclosed.
Vancouver-based Pacific Reach originated as a senior housing operator, diversifying with the 2004 acquisition of the Sheraton Guildford in Surrey. It subsequently acquired thousands of apartment units in Phoenix and Los Angeles, and in 2013 bought the Maple Leaf Quay towers in Toronto (above), with 500 residential units and 200k SF of waterfront commercial space.
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