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Hastings Hotel Owners May Be Compensated Just $1 By City to Buy Property

Regent,Balmoral Hotel

Photo: jmaxtours / Flickr

Owners of the Balmoral and Regent Hotel may be compensated just $1 by the city to seize each of their properties.

A recent report said this was an appropriate amount for the Hastings properties, based on appraisals.

“The City was unsuccessful in negotiating an outright purchase of the hotels with the owners, and the report therefore recommends that Council…Authorize the payment of $1 to the owners for each building based on independent property appraisals obtained by the City,” stated the report.

This dollar amount considers costs for renovation. Despite the low payment, the City will put a lot more money into the buildings than the single dollar.

The city would spend $350,000 to put in security systems and patrols, while they sort out a long-term solution.

They will also pay $1,000 to the owner of Regent Pub, located in the hotel.

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Hotels Closed Due to Being “Unsafe”

The Balmoral Hotel closed in June 2017, because it was considered unsafe. The Regent Hotel closed the following summer for similar reasons.

These closures resulted in low-income residents having to leave their homes. Some moved to hotels nearby.

“Despite years of enforcement efforts by the city and hundreds of bylaw violation charges presently before the courts, the owners have not made the basic investments necessary to maintain safety and an acceptable standard of living for tenants in these two buildings,” said the City.

Since closing, the hotel owners’ have not made any major repairs to the buildings and they have remained closed, as a result.

The expropriation process began in July 2018, with plans to move forward, November 6.

For more Metro Vancouver news, stay tuned to 604 Now News.

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