RARE OPPORTUNITY TO BUY 14 SUITES IN A LUXURY WHISTLER HOTEL
Hello from Whistler,
This portfolio of suites is for the investor or group of individuals who have wanted to get into the luxury hotel market in Whistler but after research have realized that Whistler is at build-out for hotel locations. This is an opportunity to purchase a 14 suite package made up of 6 studio suites, 4 one bedroom suites and 2 two-bedroom suites which are valued today at approximately $8,000,000 CAD based on actual recent sales.
Picture the Westin as a luxury apartment building in a true slopeside location immediately next to the Whistler Village Gondola. Zoned by the Resort Municipality of Whistler as a full service hotel. It has a phase 2 nightly rental restriction which does permit owner personal use of each suite of 28 days in the winter and 28 days in the summer. True investors do not use the suites at all to maximize the rental income.
The property operates under the Westin franchise which is a part of the Marriott Bonvoy brand. It is fully managed by Evolution Hospitality with an experienced management team in place, as well as a strata management company to take care of the physical assets and a very active strata council to keep everyone accountable. You purchase the suites without having to worry about stepping in to manage it. This very experienced team has 22 years under their belt maximizing revenues for the owners.
The Marriott Bonvoy contract does require renovation updates to the property to satisfy star ratings every 7 or so years and the owners are proud to state that there has NEVER been a special assessment to meet this goal. All funds required have been raised by regular extraction of small amounts from net revenues over time and placed into the suite owner's 'cumulative funds held for renovation' account until it is needed. The next renovation update is anticipated to take place 2025/2026/2027 and will cover 'hard' renovations including suite kitchens and bathrooms. The design team is in the initial stages of looking at other Marriott property styles. No design or fixed budget is available at this point.
Ask me for the link to the dropbox folder with detailed information that also includes the Bare Trust document which shows the corporation holding the assets. Also included are income statements; owner benefits; rental management agreement, strata documents and more.
All suites are held in the corporation so a simple purchase of the corporation's shares or assets is possible. This saves GST on the purchase price (if you were to consider this similar to purchasing a business) as well as Property Transfer Tax (that you would pay if you were to purchase each suite individually). As mentioned above, it is exactly like an apartment building with special zoning, so you will also see a package containing strata meeting minutes.
Based on the net income from 2023, the return was approximately 5%. Not only do you get a business that requires no management, you are purchasing real estate that has a history of solid appreciation in the largest destination ski resort in North America.
I am happy to do a zoom call with you as I know the info is quite overwhelming. Please respond to this email or call to set it up.
My cell number is 604-902-2033.
Regards,
Denise Brown
BBA, Associate Broker
Posted by Denise Brown on
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