Two new hotel properties operated by Executive Hotels & Resorts will be coming to the 800 block of West Pender Street in downtown Vancouver.
A spokesperson for Credit Suisse told Daily Hive the hotels slated for the lower 10 floors of the new 31-storey The Exchange office building and the new 13-storey hotel building set to replace the Edward Chapman building will be operated by the same chain.
Although they are immediately adjacent to each other, the hotels will be operated separately and there are no plans to integrate any of the spaces together.
The Exchange’s hotel will feature 202 rooms within the heritage portion of the building. Although it is a newly-built tower, extensive work will be required to convert the floors into a boutique hotel property with its own entrance and elevators to separate it from the office levels.
As for the second purpose-built hotel property at the Edward Chapman site, there are plans to squeeze in 106 rooms into the redevelopment.
Separate development applications for both projects have already been submitted to the City of Vancouver.
More than half of The Exchange now leased
A press release issued this week attempts to dissuade early concerns over The Exchange’s substantial vacancies just months ahead of its scheduled completion at the end of the year.
“Our confidence in the market has come to fruition as we continue to sign tenants for The Exchange,” said Franz Gehriger, president and CEO of Swissreal Investments, the company developing the $240-million tower.
The building is now more than half leased, with 205,000 ft² of the 369,000 ft² floor area set to be occupied.
The office building’s anchor tenant is National Bank, while other tenants include an accounting firm and a local fintech company.