Squamish's newest and largest hotel will have up to 110 owners when it opens its doors in 2006.
The new Garibaldi Springs Resort Hotel will be Squamish's first-ever strata-titled hotel, meaning investors will be able to purchase individual suites in the property.
"I think one of the reasons that you've go this kind of product is the cost of physically building a hotel today and the finishes that people expect when they visit hotels," said Mike Wintemute, sales manager for the hotel.
The hotel is being touted as a destination-oriented resort featuring a large, high quality food and beverage facility, a pool and fitness complex as well as its location in the midst of the Garibaldi Springs Golf Course.
The project's sales office opens on Saturday (Aug. 14), with construction of the hotel to commence in early 2005 in time for opening by June 2006.
The hotel is the next phase of the $100-million Garibaldi Springs project, which will include an 18-hole championship-length golf course, 106 townhouses and commercial space at completion. The first nine holes of the golf course opened for public play last month, while the first phase of townhouses are completed and occupied and phase two is currently being sold.
The hotel has changed somewhat from the initial concept. Instead of a 135-room hotel combined with the golf course clubhouse, the hotel will have 110 studio, one- and two-bedroom suites, with the standalone clubhouse to be built adjoining the hotel with a covered walkway between the two.The hotel will be located between the ninth and 18th holes, with a restaurant in hotel with a large terrace overlooking the course that will be available to hold receptions and other gatherings.
"It's probably going to be the nicest venue in Squamish to have large gatherings," said Wintemute.
The strata-titled hotel concept is extremely common in Whistler, but new to Squamish.In a strata-titled hotel, the hotel is run by a major chain, who essentially leases suites from the owners, who then share in the cash flow generated by guests who stay in the hotel.
Owners will also have the use of their own suite for up to 70 days per year - 35 in the winter season and 35 in the summer.
"I think one of the reasons that you've go this kind of product is the cost of physically building a hotel today and the finishes that people expect when they visit hotels," said Wintemute.
The developers are presently in negotiations with a major hotel flag - "one that certainly will be recognizable," said Wintemute - and hope to announce the identity of the operator in September.
The hotel will be the only one in Squamish affiliated with a major chain. Last year Best Western severed its relationship with the Sea to Sky Hotel, while the then-Super 8 Hotel Squamish ended its franchise agreement to become the Mountain Retreat Hotel and Suites.
The price range for suites will start at between $155,000 and $170,000 for studios up to between $245,000 and $275,000 for two-bedroom suites. The total value of the suites on offer is in the range of $20 million.
While the prices exceed anything in Squamish's current condominium market, they are still significantly lower than similar strata-titled hotel suites in Whistler, which start in the low $300,000 range for studios and go as high as $700,000 for two-bedroom suites.
Wintemute hesitated to say if the sale would mark the start of more strata-titled hotel building in Squamish.
"The Squamish market can only handle so many hotels and so many people that will invest in that product," he said.
"I'm sure as the future goes there may be more."
