Vancouver hotel to convert to student housing
A 17-storey luxury hotel in downtown Vancouver, known as the Viva Suites Hotel, has been acquired by CIBT Education Group’s (CIBT) wholly owned subsidiary, Global Education City Holdings Inc. (GEC), with the intent to convert it into a 230-bed student housing development for foreign students. The total value of the project, including purchase price and renovations, is approximately $37-million.
“This latest acquisition marks the third investment by GEC totaling $113-million within seven months with another nine projects under negotiation and development,” says Toby Chu, President and CEO of CIBT Group. “Viva Suites Hotel is fully operational at this time and available for immediate occupancy. We expect that the conversion time for selected suites will take six months, in time for the 2015 September enrollment so that international students can check-in after their summer holiday.”
Once renovations are complete, the student housing project will feature ensuite kitchens, a fitness centre, an electronic library and a television lounge. Student residents will also have access to a free shuttle bus service to and from major downtown Vancouver intersections during rush hour. Units will range from 400 to 800 square feet and rents will be set at approximately $1,000 per month.
Located at 1311 Howe St., the property is ideally situated in close proximity to over 150 high schools, language schools, career colleges and universities. CIBT Group’s wholly owned subsidiary, Global Education City Management Corp., will manage the property.