A hotel in Squamish has been listed for sale for the first time since 2018, and it’s priced lower than some Vancouver properties on the real estate market.
The Chieftain and Crash Hotel, located at 38005 Cleveland Ave., has been listed for $12 million, which Avison Young calls a “rare opportunity” to see one of four downtown Squamish hospitality properties on the market. The hotel is around an hour’s drive from Vancouver.
Avison Young calls Squamish one of Canada’s 10 fastest-growing communities and suggests the hotel property is a historic one.
“Since 1958, The Chieftain, with its iconic neon sign, has served as a landmark of downtown Squamish on Cleveland Avenue, reflecting the evolution from a resource-based town to an exciting adventure destination.”
While the property hasn’t been sold since 2018, Avison Young says it’s undergone “extensive revitalization in recent years to blend historic charm with modern boutique hospitality.”
For anyone familiar with Squamish, The Chieftain’s iconic sign has been a familiar sight in the downtown area. Avison Young says the establishment is perfect for an extended stay or just a pit stop. The Chieftain is the name of the entire building, while The Crash Hotel is the second floor, containing the 27 hotel rooms.
Avison Young says there are only 10 hotel/motel properties in all of Squamish, and that The Chieftain is only one of four in the heart of the city.
Google Maps
We’ve learned from Avison Young that the entire asset of real estate is for sale. The operating business of the hotel component, such as the Crash brand, management, and goodwill, is not for sale.
The $12 million includes the hotel component, which is valued at $4,600,000, or $170,370 per room. The commercial component is $7,400,000.
The asset is being offered encumbered by the brand and by management, and licensing opportunities will be considered.
Avison Young lists some of the amenities at the hotel, including a rooftop lounge, bar, ski and bike storage, and a digital check-in system.
“The prime location provides exceptional visibility and walkability, with immediate access to downtown shopping, dining, parks, the Stawamus Chief, and Sea to Sky Gondola,” it says.
“Squamish has not been identified as one of the 14 resort municipalities in British Columbia that are exempt from certain regulations. As such, Squamish properties must adhere to the provincial government’s short-term rental rules, giving a hotel in this market advantages under the government’s regulated protections to not compete against residential supply influxes from locals and investors,” Avison Young adds.
To put that $12 million asking price in perspective, on Friday, Daily Hive Urbanized reported that a Vancouver penthouse, with arguably the best views in the city, sold for $15 million. Interested parties can contact Avison Young for more information.