Fairmont Tower | ?m | 58s | ProCura Real Estate | Humphreys

[Daveography]

This one goes back a couple of years I think...

http://humphreys.ca/project/fairmont-tower/#

Another in the very-unlikely-but-interesting-nonetheless proposals.

 

[archited]

Same site (roughly), different concept to the "X" tower, shelved in favor of the X tower, I would say.

 

[Daveography]

@archited Different site.

X Tower is here:
https://www.google.ca/maps/@53.5408876,-113.4896787,88m/data=!3m1!1e3

Fairmont Tower is this site:
https://www.google.ca/maps/@53.5404557,-113.4884773,93m/data=!3m1!1e3

 

[archited]

@Daveography, I like our exchanges -- they are always well-reasoned and respectful and I usually learn something from them. I realize that the sites are precisely different, I was making the point that they are "roughly" the same site and both proposals emanate from the loins of ProCura. I understand that there is (perhaps was) a working relationship with ProCura and Fairmont. I imagine that this relationship was to a large extent stalled when Fairmont (and all of its many properties) was recently sold. If there is a project that includes a hotel expansion component, I suspect that only one of the two proposals would proceed. It is not clear to me that ProCura owns both sites -- I suspect that they were part of the Fairmont deal and that ProCura would be a developer/venture partner that would build whatever is worked out between JV partners.

 

[Das Ponto]

Not sure I am a fan of such a tower right beside the hotel... other side of the street in behind it maybe...

Or is this going to be considered an addition to the mac?

 

[archited]

The Mac, when owned by Fairmont Hotels, had been looking for an expansion of rooms and so there were several incarnations explored, mostly with ProCura. The hotel, in a relatively short span (less than 2 years), has gone through two ownership changes and is now owned by a French hotel chain. The Fairmont deal plus two others were valued at just under 3 Billion dollars (U.S). Once Accorhotels SA -- the new owner -- has had a chance to review all of their properties, I suspect that they will come around to looking at Mac expansion. Accorhotels SA is a huge international corporation -- http://www.accorhotels-group.com/en.html -- and so how they will approach expansion of this particular property is anyone's guess.

Footnote: Accorhotels is the largest hotel operator in the world (global domination).

 

[Das Ponto]

Ah ok this makes more sense then if its a hotel expansion. Just hope its well integrated and doesnt overtake the old girl.

 

[Daveography]

Land is up for sale:

Commercial Real Estate Investment Properties | IPA

Most extensive selection of commercial real estate investment properties.

www.institutionalpropertyadvisors.com

 

[archited]

If it isn't overpriced, this land should get snapped up pretty quickly.

 

[Daveography]

Maybe. Will be a huge challenge to develop, due to the bank and narrow access. Not sure how construction access would even work here.

 

[Kaizen]

So I take it the owners, Accorhotels SA, are not too bullish on YEG now, otherwise why put up the parcel siding their hotel? Not an easy effort for others to develop.

 

[OverheardatYEG]

So I take it the owners, Accorhotels SA, are not too bullish on YEG now, otherwise why put up the parcel siding their hotel? Not an easy effort for others to develop.

Honestly I don't see this property even receiving a proposal for development for the next 10-15 years. I feel this is a short sighted decision for Accorhotels and more importantly the fairmont. I'm surprised there wasn't an under the table deal between the two organizations.

 

[archited]

@OverheardatYEG, Accorhotels owns the Fairmont Hotel Macdonald so they are one and the same. What I was not aware of, as noted by @Kaizen, was that the property listed for sale was owned as well by Accorhotels -- I didn't know that Procura had sold the property to them. If so, it truly means that they are not looking to expand -- at least not in that direction. Maybe they are working out a deal with the property to the north?

 

[OverheardatYEG]

@OverheardatYEG, Accorhotels owns the Fairmont Hotel Macdonald so they are one and the same. What I was not aware of, as noted by @Kaizen, was that the property listed for sale was owned as well by Accorhotels -- I didn't know that Procura had sold the property to them. If so, it truly means that they are not looking to expand -- at least not in that direction. Maybe they are working out a deal with the property to the north?

Fairmont is an operator who also owns certain hotels they could have picked it up in personal interest. But possibly they have interest in the north building I'm doubting that, however, this property is a development nightmare!!!