Calgary-based Bellstar Hotels and Resorts Ltd. has added another B.C. resort to its management portfolio. This time it's Comox Bay Marina & Residences, a natural fit given the popularity of Vancouver Island with Alberta buyers.
Bellstar previously managed Miraloma on the Cove in Sidney, but its management contract ended last year when Miraloma's owners converted the development to condos. Howard Land Group recently approached Bellstar to manage the new Comox project, which is set to open in early 2014.
"We looked at the plans, we looked at the condos, we looked at the size of the resort, we looked at the market in Comox and we decided it is a fit for us," said Bellstar COO Ralf Strub.
Strub said the addition of Comox opens opportunities for Bellstar to become more active on Vancouver Island. It was meeting with a second resort owner last week, and it's in discussions with a third property. The latter two are operated by the developer, who sees value in having an outside management company.
"They understand it's a different skill set," Strub said.
Bellstar looks forward to being back on the Island following the termination of the Miraloma agreement.
"We want to add the Island again to our portfolio as a hub and make it more worthwhile than it is with one resort," Strub said.
The Comox Valley has also attracted Trilogy Corp. of Vancouver, which is developing the largest mixed-use project on Vancouver Island. Trilogy's 719-acre Cayet development at Cumberland, just west of Courtenay, calls for a huge shopping centre, office and institutional space and more than 1,000 homes. "The Comox Valley represents the most affordable land prices in B.C.," said John Evans, president of Trilogy, who has been inviting other developers and home builders to join in at Cayet.
from Western Investor October 2011
