Cadillac Fairview has announced its plans to develop what it called a world-leading, luxury lifestyle hotel in downtown Vancouver, at the CF Pacific Centre currently being operated by the Four Seasons Hotel.
Four Seasons is scheduled to cease operations by the end of this month, and preliminary work on the new Cadillac Fairview project is set to begin on Spring 2020.
“CF Pacific Centre will be home to a leading global hotel and entertainment brand that will be unique not only in Vancouver, but the rest of Canada. We look forward to providing more details about this exciting project in the near future,” Cadillac Fairview senior vice president (Western Portfolio) Tom Knoepfel said.
“We are once again contributing to the fabric of the City by introducing an exciting and vibrant hospitality concept to our landmark property that will solidify it as the destination of choice in downtown Vancouver.”
Aside from this promising venture, the city pulls its weight in the national commercial property sector by being home to a highly desirable industrial property scene.
Vancouver’s commercial market has also seen the entry of global companies such as e-commerce juggernaut Amazon, which is projected to be significant enough to pull down the city’s office vacancy rate by as much as 2%.
“It is virtually impossible for me to overstate how significant this is to the Vancouver office market,” Cresa tenant leasing specialist Ross Moore told the Vancouver Sun last month.
“With a tech giant like Amazon taking that amount of space, I think most people will now agree, yes, we have that critical mass. Once that snowball is rolling, it just keeps going.”