Monday, April 13, 2015

From Times Colonist — "a dismal failure"
Oak Bay Beach Hotel in receivership

Only two years after opening, the Oak Bay Beach Hotel is in court-ordered receivership with debt estimated at more than $125 million. A syndicate of lenders, who say they are owed more than $60 million, went to B.C. Supreme Court in Vancouver to have the receiver appointed. The 139,000-square-foot hotel includes 100 guest rooms, 20 condominiums, a spa with pools overlooking the ocean, the Snug pub, a dining room, the David Foster Foundation Theatre, and a conservatory. An appraisal valued it at $124 million. More at: Oak Bay Beach Hotel pushed into receivership, but ‘business as usual’

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