City of Vancouver buys Ramada Hotel for Senior Housing
The 122 room, four story Ramada hotel on Kingsway in Vancouver, BC will soon have a new owner.
The City of Vancouver has purchased the property from it’s current owner for a sum of $15.5m. The property was assessed at $11.4m in 2011.
The plan is to use the hotel to house seniors that will be displaced during renovations to their current accommodation.
The city decided to purchase the hotel outright, rather than leasing it. This went against advice given by the city’s real estate department.
“The seniors are going to be there for longer, and the city’s real-estate department thought it was good value and meets the city’s goals and made the recommendation.” According to city Counceller Kerry Jang.
The city currently owns 14 properties that are dedicated to supportive housing units. Roughly half of the sites are open, and most are in or close to the downtown core.