Delta Land Development is selling the Rosewood Hotel Georgia in Vancouver to a Hong Kong-based joint venture for $145 million.
Able Shine and Magnificent Hotel Investments are reportedly the investors behind the group buying the hotel.
“Rosewood [Hotels and Resorts] will remain the management company,” Brad Simmons, the hotel’s director of sales and marketing, told Business Vancouver. “From our perspective it is business as usual. It’s just basically an acquisition change.”
Magnificent Hotel Investments owns a company named Babenna, which owns a 50-percent stake in a JV with Able Shine owning the remainder. That joint venture will wholly own the legal entity that will buy the Hotel Georgia.
While the sale has not closed yet, Babenna said in a release that an asset purchase agreement has been signed earlier this week and that it has three business days from the signing of that agreement to make an initial capital contribution.
Rosewood took over the historic hotel in 2011 and built a 48-story residential tower adjacent to the property.
This deal is only the most recent deal involving Asian investors in Vancouver hotels. Over the summer, APA Group—owner of Japan's largest hospitality organization—announced plans to buy Vancouver-based Coast Hotels for $210 million from Okabe Co. Ltd., another Tokyo-based company.