InnVest Snaps Up Victoria's Hotel Grand Pacific

0:00It's April 1st. This is Vancouver News today, powered by AI. Invest Canada's biggest hotel owner out of Toronto just snapped up the 304-room hotel Grand Pacific on Belville Street in Victoria. The spot's been shopping around for months, valued at about $48 million by B.C. Assessment, though no sale price dropped yet. Their CEO calls it a prime inner harbour gym with tons of upside in a hot market. This fits Invest's expansion push, they've grabbed over 100 properties now, including 14 hotels for more guard for $410 million. Dollars last year, plus spots in B.F. and their first U.S. play, a Seattle hotel. Vancouver Islands buzzing with hotel deals, too. Sinvest spot the Royal Scott for over $41 million, and the Bedford Regency before that. A flipping a couple others this month, Redbricks eyeing a rebuild on the old plaza site, and sales like to Fino's Ocean Village for $37 million, keep rolling.

1:04Tourism's fueling at all, with island hotels hitting 94% occupancy last summer, and 78.2% for 20. 25. Experts say National deals top $2.2 billion this year, up 11%, thanks to strong domestic and international travel. Looking ahead, new builds like a 130 room spot at the airport, and others downtown's signal rebound after losing over 1,000, too. Red rooms in the last decade, Victoria's hotel scene is straight firing up.