VANCOUVER HOTEL PURCHASE PRICES AVAILABLE

May 4th, 2007

VANCOUVER – The Province announced the purchase of 10 Single Room Occupancy (SRO) hotels with 595 rooms in Vancouver on April 3, 2007. These hotels were purchased to preserve and upgrade an important source of affordable housing stock in Vancouver for people at risk of homelessness.

Over the past month, the Province has assumed full ownership of nine of these hotels, and as a result, information on the purchase prices can be released.

Hotel	Address	Rooms	Asking Price	Purchase Price
Marble Arch	518 Richards St.	145	$8.9 million	$8.0 million
St. Helen’s Hotel	1161/63 Granville St.	98	$7.98 million	$7.5 million
Walton Hotel	261/265 E. Hastings St.	51	$2.65 million	$2.3 million
Orange Hall	329/341 Gore Ave.	27	$4.65 million	$4.1 million
Molson’s Bank Building	166 E. Hastings	45	$2.35 million	$2.35 million
Park Hotel Apartments	429/433 W. Pender St.	56	$3.7 million	$3.5 million
Carl Rooms	335 Princess St.	47	$2.25 million	$2.05 million
Orwell Hotel	456 E. Hastings St.	55	$3.1 million	$2.95 million
Savoy Hotel	258/260 E. Hastings St.	28	$1.85 million	$1.79 million
The Rice Block	404 Hawks St.	43	$2.9 million	$2.59 million
Total		595	$40.33 million	$37.13 million

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Media contact:

Sam Rainboth
Manager, Public Affairs
BC Housing
604 439-4789

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