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Abbotsford's Red Lion hotel sells well over assessed value

Landmark 50-room hotel with pub, restaurant sold for $2.69 million over assessment, at $6 million
London Pacific Property Agents Inc., Vancouver, for Western Investor

Type of property: Hotel

Location: 2489 Pauline Street, Abbotsford, B.C.

Number of rooms: 30

Size of land: 34,107 square feet

Land size in acres: 0.78 acres

Zoning: C7 

BC Assessment value:  $4.21 million

List price: $8.5 million

Sale price: $6.9 million

Date of sale: June 1, 2021

Brokerage: London Pacific Property Agents Inc., Vancouver

Broker: Mike Guinan-Browne