Colliers has been appointed as the exclusive advisor in the sale of the Versante Hotel in Richmond, B.C., a 100-room property located within the International Trade Centre (ITC) complex near Vancouver International Airport.
Versante Hotel, Richmond, B.C.
The appointment was made by Deloitte Restructuring Inc., acting as the Court-appointed receiver and manager of certain assets of International Trade Center Properties Ltd., Hotel Versante Ltd., and RCC Holdings Ltd.
Completed in 2021, the Versante Hotel is a modern, design-focused property situated in a region with some of the highest hotel occupancy rates in Canada. The hotel is being offered unencumbered by brand and management, a structure that may appeal to investors seeking flexibility in repositioning or rebranding the asset.
Recent construction in a constrained market
Versante is one of the few recently built independent hotels in the Greater Vancouver area, a market that is marked by high barriers to entry, limited land availability, and constrained new hotel development. The 14-storey hotel includes approximately 91,500 sq. ft. of gross floor area, with an average of 920 sq. ft. per key. Guestrooms include spa-style bathrooms, floor-to-ceiling windows with smart tinting, and premium in-room amenities.
The property also features a rooftop pool and hot tub, a fitness centre, and over 3,000 sq. ft. of dedicated meeting space. Food and beverage offerings include Bruno Restaurant and the Alaia lounge, both currently operated by Club Versante but available unencumbered as part of the offering.
Market fundamentals and performance
According to Colliers, the Richmond hotel market has demonstrated resilient year-round demand, driven by proximity to YVR, local corporate offices, logistics and technology firms, as well as regional tourism. Citing STR/CoStar data, Colliers notes that Richmond leads the country in hotel occupancy and ranks third in RevPAR behind only downtown Vancouver and Toronto.
Versante’s performance to date reflects those conditions. Colliers states that the hotel achieves average daily rates (ADR) above local competitors and has established a strong presence in online guest rankings, including TripAdvisor.
Flexible ownership structure
The hotel’s unencumbered status may be of interest to institutional or private investors looking to bring the asset under independent operation or align with a brand. With no unionized labour agreements in place and multiple operational components available for repositioning, Colliers suggests that there may be potential to improve both revenue and margin performance under new ownership.
Located at 8499 Bridgeport Rd, the property is within walking distance of two Canada Line SkyTrain stations and offers direct regional connectivity, including access to downtown Vancouver within 20 minutes.
Further details on the offering are available through Colliers.
All information in this article is sourced from Colliers.
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