Calgary-based Bellstar Resorts and Hotels is apparently preparing a bid for part of Aviawest, which is close to losing credit protection and facing nearly $100 million in debts on five B.C. resort projects.
"We are looking at Parkside," said a Bellstar spokesman, referring to Aviawest's flagship Parkside Resort and Spa property in Victoria. Aviawest also owns the Pinnacle Lodge at Sun Peaks Ski Resort near Kamloops; the Water's Edge Resort in Ucluelet; and the Pacific Shores Resort and Spa at Parksville.
Aviawest was granted an extension of credit protection to December 11, but some in the resort industry believe the Victoria-based company is heading into receivership.
Meanwhile, Bellstar has emerged as one of the strongest resort companies in Western Canada. The company took control of the failed Solara Resort and Spa condominium project in Canmore last year and turned it into a top seller. This year, Bellstar launched its Residences at Spirit Ridge on First Nation lease land near Oliver, B.C., posting sales of $5 million in the first weekend alone.
