Pacific Reach new owner of iconic Rosewood Hotel Georgia
'We’re thrilled to add it to our growing portfolio of high-value real estate investments'
The Rosewood Hotel Georgia has a new owner.
Pacific Reach Properties, a Vancouver-based real estate investment firm has purchased the hotel from Delta Land Development Ltd., Pacific Reach said in a release.
The iconic 90-year old hotel will continue to be managed by Rosewood and it will retain the same name.
"The Rosewood Hotel Georgia is one-of-a-kind and we're thrilled to add it to our growing portfolio of high-value real estate investments," said Pacific Reach CEO, Dr. Azim Jamal.
In 2011, the Delta Land Group, the hotel's developer at the time, extensively renovated and redeveloped the Georgia, adding a 48 storey private residence.
The addition led to a flurry of lawsuits as buyers attempted to get out of contracts to purchase the high-end condos after values dropped.
This is the latest purchase by Pacific Reach, whose portfolio includes properties like the Westin Grand Vancouver, Radisson Vancouver Airport and Toronto's Maple Leaf Quay.
Pacific Reach is a family owned Vancouver-based business. Its CEO also runs, Retirement Concepts, one of the largest seniors' housing operators in Western Canada.
It began diversifying into real-estate in 2004.