Iconic Union Bank Inn on Jasper Avenue sells just below $5M asking price

Jun 1 2023, 4:45 pm

Union Bank Inn, one of Jasper Avenue’s most iconic buildings, has sold for $4.8 million, just shy of its initial $5 million asking price.

On May 31, Union Bank Holdings Ltd. completed its purchase of the iconic pre-World War I building in downtown Edmonton.

Plans for the building involve renovating the north portion of it to accommodate 6,500 square feet of office space, securing a new tenant to operate in the former Madison’s Grill space, and fully renovating and updating the 26 hotel rooms in the south portion of the building to once again serve as the Union Bank Inn.

 

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The office portion will become the corporate headquarters for Grow Lending Group, a lender brokerage business, and the soon-to-be-launched Union Financial Corporation, which will be an Exempt Market Dealer, portfolio manager and asset fund manager.

Union Bank Holdings, Grow Lending Group and Union Financial Corp. are all led by David Hawreluk, an Edmonton-based businessman and lawyer.

“We are turning the historic Union Bank Building back into a financial institution, and the finishings in the new space will be consistent with that,” said Hawreluk.

“To ensure we respect and preserve the charm and memories of the only boutique hotel in downtown Edmonton, we are going to embark on a substantial upgrade of the remaining 26 hotel rooms under the guidance of Frank Architecture.”

 

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Built in 1911 and located at 10053 Jasper Avenue, the building was occupied by the Union Bank until 1927. In 1928, it was purchased by James Richardson & Company for its grain trading and stockbroking business.

From 1970 to 1982, it served as the Headquarters of the North West Trust Company before it was transformed into the Union Bank Inn hotel.

With 40 rooms, a banquet/meeting area and a fitness facility, the Union Bank Inn was an upscale boutique hotel that played host to some pretty famous names during their time in Edmonton.

According to an Alberta Prime Times article, Prince Harry stayed at the hotel while attending the Invictus Games of 2017. Kevin Costner was also a guest during his Big Valley Jamboree stop in 2009, according to the hotel’s previous owner.

The hotel was purchased in January 2022 by Edmonton entrepreneur Henok Kassaye. A Taproot Edmonton article from last February quoted him as having a number of plans to modernize the building; however, it is unclear what happened since.

In February 2023, the Union Bank Inn was listed on the market as a receivership sale. A receivership is when a court appoints a neutral third party, called a “receiver,” to take over and manage a property until a foreclosure lawsuit is resolved.

In the coming year, the new owner says they will work to build out the office space, reimagine the hotel space and prepare the restaurant area for leasing.

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