FOR SALE Quality Resort Bayside

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1 59 Room Full Service Hotel on Renowned Parksville Bay Opportunity: To acquire a destination beachfront hotel with stylish restaurant, lounge and sports bar operations, event and conference facilities, private liquor retail store, great recreation amenities and additional development land. Description: Location: Asking Price: $6,750, acre site with 59 room branded hotel, enjoying more than 350 feet of beach frontage on Parksville Bay. Well-maintained improvements offer total floor area of 58,140 square feet. Northeast corner of Island Highway and Dogwood Street in Parksville BC. For information, please call Randy Holt, Vice President randy.holt@dtzvictoria.com Cell: (250) Rick Pettinger, Managing Broker rick.pettinger@dtzvictoria.com Cell: (250) DTZ Victoria Real Estate Ltd. 888 View Street Victoria, BC V8W 1K2 Tel: (250) Fax: (250)

2 Overview: DTZ Victoria Real Estate Ltd. is pleased to present the offering for sale of the by Balmoral Investments Ltd., owners and operators of the hotel since This local landmark overlooks the incomparable Parksville Bay, and encompasses a total of 4.41 acres with 59 well-appointed rooms, dining room, lounge, sports bar, liquor retail store, popular fitness and squash club facilities, conference rooms, ample parking and additional land for expansion. With continued population growth and improved hotel industry fundamentals ahead, the subject affords an excellent opportunity for income growth and capital appreciation. Vancouver Island / Parksville Tourism: The Island s diversity and irresistable combination of pristine wilderness areas, spectacular coastline and engaging ambiance make it one of the premier vacation destinations for international and local travelers alike. In 2012, the prestigious travel publication Conde Nast rated Vancouver Island as the #1 island in Canada and #6 worldwide. The Island was also named the #1 island in Canada and the continental U.S. by Travel + Leisure World publication. Parksville is one of the Island s most popular destinations for visitors year round. The area s primary attractions are its beautiful sandy, shallow water beaches on Parksville Bay and at Rathtrevor Beach respectively, where its primary tourist accommodation facilities are located. The surrounding region is also home to several golf courses, the quaint Coombs Country Market, the famous old-growth forest at Cathedral Grove, Horne Lake Caves, Little Qualicum Falls, Englishman River Falls and Milner Gardens. Parksville: The City of Parksville is located on a protected bay along the east coast of Vancouver Island, 94 kilometers north of Victoria and 37 kilometers north of Nanaimo. Described as Canada s Riviera, the town s fabled beaches, mild sunny climate, charming downtown and many recreational options make it one of the best family friendly holiday choices in the country and a favored area for retirees to enjoy their golden years. The City s population has grown at an accelerated rate over the past 30 years, including 8.9% between 2006 and 2011, which is amongst the fastest of any city in BC. There were 11,977 residents according to the 2011 census, and a total of 27,822 people within the immediate Oceanside area, including Qualicum Beach and French Creek. These numbers swell by thousands in the summer months when tourists fill the hotels and campgrounds and part-time residents return to their vacation homes. The demographic breakdown of the City demonstrates its orientation and appeal to seniors. Fully 55% of the full-time residents in 2011 were aged 55 or over and the median age is 58. The broader Oceanside area is similarly constituted with a median age of 59. Business growth in Parksville has been equally dramatic in recent years, with the number of business licences doubling from 540 in 2005 to 1082 in The largest employers include School District 69, Vancouver Island Health Authority, Tigh Na Mara Resort, Stanford Place Care Campus, Thrifty Foods and Quality Foods. Parksville hosts a wide variety of events each year, the biggest of which is its annual Sandcastle Competition and Exhibition staged on the beach at Parksville Bay. This event is held every summer and has grown steadily over the years, with a total of 90,000 visitors recorded at the 2012 event. Tel

3 The Location: The subject property is located on the north side of the Island Highway (19A) and east side of Dogwood Street and extends to the shoreline of Parksville Bay. The site is 0.9 km west of the Alberni Highway (4A) in the heart of Parksville s downtown core. It is approximately 35 kilometers from the BC Ferries terminal at Departure Bay in Nanaimo, 51 kilometers from the Nanaimo Airport terminal and 145 kilometers from Victoria. This scenic section of the Island Highway is part of the oceanfront route that runs from the south side of Parksville to Campbell River. The Alberni Highway (4A) leads to numerous tourist attractions on its route to Port Alberni and Tofino on the Island s west coast. It also connects directly to the Inland Island Highway (19) that provides a faster route to the Comox Valley and the North Island. Immediately beside the subject on the east side is the popular Paradise Adventure Mini-Golf Centre. Further east along Parksville Bay is the luxury Beach Club Resort and the City s popular 39-acre Community Park. A recently constructed boardwalk runs along the beach from Community Park and extends to the west side of the Beach Club Resort. To the west and north of the subject, there are single and multi-family residential properties. Access to the subject is from Dogwood Street, which is facilitated by a dedicated left turn lane for southbound traffic along the Island Highway. The Property:2 This fully serviced parcel of land provides a total area of 4.41 acres (192,000 (+/-) square feet). It has an irregular configuration and enjoys excellent exposure to the Island Highway with total frontage of 65 feet and excellent visibility at the Dogwood intersection. The site benefits from its more than 350 feet of beach frontage on Parksville Bay. View of subject from Dogwood Street Tel

4 The Improvements: The existing improvements are sited on the north half of the property, leaving room for expansion along the south half of the beach frontage when economic conditions permit. N The subject building is a concrete block and woodframe structure on a concrete foundation, constructed in 1984 and The exterior finish is predominantly wood siding. The flat roof areas are tar and gravel while the pitched roof sections have wood shingles. Windows are predominantly thermopane. The hotel includes a three-storey section encompassing an area of 37,733 square feet. It includes the lobby, administrative office, the Heron s restaurant, the Eagle s Nest lounge, a hair salon, business centre and a total of 59 guest suites. This area is served by an elevator. 35 of the suites enjoy an ocean view (all 5 on the main floor and 15 on each of the second and third floors). There is one executive suite with a king bed, 10 rooms with one king bed, 13 rooms with a queen bed and hide-a-bed, 13 rooms with two queen beds and 22 with two double beds. An attached two-storey wing, with a total area of 20,407 square feet, extends along the west side of the property. This wing houses the six meeting rooms, commercial kitchen facilities, swimming pool, Bayside Wine and Spirits liquor store, Upper Deck sports bar, fitness centre and two squash courts. Tel

5 The Improvements:2 The cold beer and wine store was added in 2006 and is located on the main floor adjacent to the parking lot. Heron s restaurant is tiered and perfectly oriented to take advantage of its view overlooking Parksville Bay. It is fully licensed for 125 seats. Immediately adjacent is the Eagle s Nest lounge, which provides another 33 seats. An outdoor garden terrace is also licensed and provides additional capacity for 25 seats. The Upper Deck sports bar is located on the second floor, overlooking the two squash courts and an outdoor tennis court. It is licensed for 125 seats and features multiple TV screens along with a billiard table. The Resort is well suited to host weddings, special events, conferences and meetings with six rooms of various sizes and capacity for up to 200 guests. The main electrical service is 1,600 amp. Hotel rooms have individual wall-mounted HVAC units and/or electric baseboards while the restaurant, lounge, pub and liquor retail store have roof mounted HVAC units. The grounds are attractively landscaped and include a total of 140 parking stalls. There is a large pylon sign along the Island Highway. Zoning: CS-2 Zone, Tourist Commercial Permitted uses include hotel/motel, resort condominiums, campground, convenience store, food catering facility, miniature golf, public assembly, recreation facility, studio, tourist information booth and accessory residential. Financial Performance: The financial results for the subject property are confidential and will be made available for review by qualified parties provided that a confidentiality agreement is executed in the required form. Please contact the listing agents for details. Tel

6 Parcel Identifier: Legal Description: Registered Owner: Lot A, District Lots 70, 89 and 106, Nanoose District, Plan VIP52553 Tamarisk Enterprises Ltd.* Asking Price: $6,750,000 * Tamarisk is a bare trustee for the beneficial owner Balmoral Investments Ltd. and can be acquired to facilitate the sale transaction. Future Site of Jesken Town Centre SUBJECT For more information, please contact: DTZ Victoria Real Estate Ltd. Tel: Randy Holt, Vice President Cell: Rick Pettinger, Managing Partner Cell: Information contained herein has been obtained from the owners or sources deemed reliable by DTZ Victoria Real Estate Ltd. While we have no reason to doubt its accuracy, we regret that we cannot guarantee such information. All measurements and other information herein should be independently verified by the reader or prospective user and are subject to the user s own inspection of the premises and due diligence work and to the user s satisfaction with the results of such review.