Three B.C. resorts sold for $10.7M

VICTORIA, B.C. — Oak Bay Marine Group has sold three of its Vancouver
Island resorts for $10.7 million in a deal brokered by Colliers International
Hotels.

The resorts included the 94-key Painter’s Lodge, 56-key
April Point Resort & Marina and 46-key Canadian Princess Resort.

The properties are located on Vancouver Island and presented
an opportunity for a new owner to acquire three unique resorts with mixed-use
facilities and premier amenities in one of the most popular salmon fishing
destinations in the world. The resorts were marketed on a flexible portfolio
bases and were purchased by two buyers in separate transactions.

Canadian Princess Resort sold in May for $1.9 million.

Canadian Princess Resort sold in May for $1.9 million.

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Canadian Princess was acquired for $1.9 million by private
investors, Bob and Sue Se, who took over operations in May with their daughter
Michelle Se as manager. According to the Canadian Princess website, the
Ucluelet, B.C., property is being updated under the new ownership with the
majority to be complete this year.

In the 1980’s the Oak Bay Marine
Group re-built and re-opened the historic Painter’s Lodge after it had been
destroyed by fire. In the 1990’s, the company bought the smaller and unique
April Point Resort on Quadra Island, just across Discovery Passage. A private
investor, Alan Lu, under his company DHI, purchased these two properties for
$8.8 million in a deal that closed in December.

Painter’s Lodge was purchased in a deal that closed in December.

Painter’s Lodge was purchased in a deal that closed in December.

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April Point Resort on Quadra Island.

April Point Resort on Quadra Island.

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According to a statement from Oak Bay Marine, the new owners
of Painters Lodge and April Point plan to continue operations in the coming
season. 

“They have expressed that they have the utmost respect and
admiration for the rich history, tradition, and guest experience that makes
these two resorts so exceptional, and we are excited that the tradition will
continue,” read the statement.

“Moving forward, the Oak Bay Marine Group will focus on
reinvesting in our continuing business areas which include our marinas, resorts,
restaurants and attractions,” said the company.

Its remaining resorts portfolio includes Cape Santa Maria
Beach Resort and Villas in Bahamas and Pedder Bay RV Resort & Marina in Victoria.