One of downtown Vancouver’s most iconic hotels is being sold to two Hong Kong-based firms in a $145 million deal.
Babeena, a subsidiary of Magnificent Hotel Investments, and Able Shine Enterprises will purchase the Rosewood Hotel Georgia at the corner of West Georgia and Howe Street in an equal partnership deal. Brothers Jonathan and William Cheng are involved in both companies, according to reports.
The agreement to acquire Rosewood Hotel Georgia was made on Monday, February 27. The first capital deposit will be made within three business days of signing the purchase agreement.
The hotel underwent full-scale renovations in 2011, with the Rosewood Hotels and Resorts chain restoring the 1927 building into five-star, luxury accommodations. The Crowne Plaza chain of hotels previously operated Hotel Georgia.
