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Vancouver-based investor acquires Rosewood Hotel Georgia

The Hotel Georgia will no longer be sold to Hong Kong-based investors, as reported early this year
hotel georgia
The landmark Hotel Georgia at 801 West Georgia. | Pacific Reach Properties

 

The historic Hotel Georgia in downtown will remain under local ownership.

Vancouver-based Pacific Reach Properties will acquire the 155-room hotel at the corner of West Georgia and Howe Streets from previous local owners Delta Land Development Ltd.

In March, Western Investor reported that Hong Kong-based firms Babeena, a subsidiary of Magnificent Hotel Investments, and Able Shine Enterprises would purchase the hotel in an equal partnership deal valued at $145 million. Pacific Reach stepped in to acquire the landmark at the same price after the joint-venture deal reportedly fell through. 

“The Rosewood Hotel Georgia is one-of-a-kind and we’re thrilled to add it to our growing portfolio of high-value real estate investments,” said Azim Jamal, CEO of Pacific Reach.

Hotel Georgia will continue to be operated by Rosewood Hotels & Resorts. Rosewood has managed the hotel since it underwent an extensive transformation into a five-star accommodation in 2011. The Crowne Plaza chain of hotels previously operated Hotel Georgia.

Pacific Reach's existing property portfolio includes other major Lower Mainland hotels such as the Comfort Inn Downtown Vancouver, Raddison Vancouver Airport and the Westin Grand on Robson Street.