The 68-year-old City Centre Motor Hotel on Main Street is famous in the hospitality industry for its 2021 sale for $60 million – at $789,500 per door, the highest price-per-room ever paid for a Vancouver hotel.
As a comparison, the average price per door for a B.C. hotel in the past year was $214,300, according to the 2022 Canadian Hotel Investment Report from Colliers Canada.
The eye-popping price for the 75-room motel, bought last November by Nicola Wealth from Capital (Canada) Trading Co., reflects its location close to the upcoming Broadway Subway’s Main Street station.
Nicola Wealth has not confirmed its long-range plans for the site, but real estate watchers expect the company to redevelop the site with condominiums.
It is obvious what its immediate future holds, however.
The old hotel is being transformed into 75 low-cost artist studios for “underrepresented and marginalized artists” with the city’s largest mural to date wrapping around the entire building, according to the Vancouver Mural Festival (VFM).
The motel will get a new name too: the City Centre Artist Lodge.
“The project will support low barrier access to a public stage for emerging artists, curators and community partners through a variety of upcoming VMF events,” says Nickolas Collinet, VMF senior project manager.
To celebrate, VMF is hosting a free weekend-long party with entertainment, open-artist studios, food trucks and a bar. There will be live music and dance performances at the revamped motel from June 25 to 26.
City Centre will also be the hub for VMF's 10-day summer mural festival which will have live entertainment and mural tours from August 4 to 14.
However, this community landmark will only remain for two to three years before being redeveloped under the pending Broadway Corridor Plan policy.
- With file from Vancouverisawesome
