Plans Proceeding for Vancouver Hotel

The president of Rancho Santa Monica Developments Inc. said today he has signed a letter of intent with a joint venture partner to build a 14-story, 91-suite boutique hotel in Downtown Vancouver, British Columbia. The project, to be built at 620 Seymour St., is expected to cost about CAN$27 million, including about CAN$5.5 million to buy the property. Developer and company founder Graham Alexander told CPN today he is working with Nick DeCotiis, president & CEO of the DeCotiis Group of Companies, a well-known Canadian company active in commercial and residential real estate development and investment. The hotel is currently being called ParaYso Hotel Vancouver, similar to the company’s first hotel development, the Parayso Hotel, a luxury boutique property in Tulum, Mexico, that has been open about a year. Construction is expected to start in 2009 and be completed by 2011. Alexander said he is in the pre-application stage with the city of Vancouver. He said the property would be a high-end hotel with a rooftop bar and lounge. There are no plans to put in fitness or dining facilities because the site is across from Gotham Steakhouse and The Shore Club, two well-known restaurants in the city, and a newly opened Steve Nash Sports Club. Alexander has developed a 32-residence project in Chilliwack in 2006, and the Tulum, Mexico, hotel, which is in the popular Maya Riveria vacation area. The hotel currently has 11 luxury suites with plans for an additional 15. “It has really good cash flow,” Alexander said. “If you have a really good location and a good niche, the income stream will follow.”