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Goodman Making $250M Investment in Downtown Vancouver

SEATTLE-In partnership with a non-institutional Canada-based investor, locally-based Goodman Real Estate Inc. pays about $65 million for the historic Hotel Georgia in Downtown Vancouver, BC, and an adjacent parcel on which it plans to develop a 47-story residential tower.

By Brian K. Miller | Updated on September 15, 2005

SEATTLE-Locally-based development company Goodman Real Estate Inc. has acquired the historic 12-story Crown Plaza Hotel Georgia in Downtown Vancouver, BC, along with an adjacent four-level parking garage which it plans to replace with a 47-story residential tower. The seller was Allied Hotel Properties Inc. and its majority shareholder, Allied Holdings Ltd.

The approximately $65-million acquisition was made in partnership with a non-institutional Canada-based investor whom Goodman officials declined to name. Goodman managing director Arthur Edwards tells GlobeSt.com that the total development cost of the project, which includes the cost of buying and renovating the existing hotel, will be between $225 million and $250 million.

Edwards says the permitting process is expected to take 12 months and the company is looking to start the redevelopment sometime in 2007. Plans for the new tower are still in flux, but definitely will include condominiums on the upper 35 floors and retail on the ground floor. In between, there could be another hotel, serviced apartments, more condos or possibly some public-use space. “We are exploring several options for the lower floors,” he says.

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