Friday, July 10, 2015

SSS Manhao Will Not Proceed With Hotel


The City of Nanaimo issued the following statement:

In a letter received Thursday, July 9th, SSS Manhao International Tourism Group informed the City of Nanaimo of its intention not to proceed forward with their proposed downtown hotel adjacent to the Vancouver Island Conference Centre.

With SSS Manhao International's decision not to proceed forward with the hotel project, the terms of the original agreement signed between the City of Nanaimo and SSS Manhao allows the City to purchase the hotel property back for the original sale price of $565,000.

allvoices

1 comment:

  1. Well this is not a huge shocker. It's seemed obvious for some time now that they weren't in a position to go ahead with their grandiose plans/ideas. It appeared too good to be true from the get go, bringing in tens of thousands of tourists annually to the city.

    When they started missing deadlines, the writing was on the wall, for all to see. I felt it was time for the city to pull the plug on yet another fiasco, but in their desperation, they gave them a 6 month extension. Sigh.

    I do feel, however, that when the economy picks up, an honorable developer will eventually see the light and do something with that great property. It's undervalued at $565K IMO.

    And I hate to be negative, but I don't have a good vibe about the Hilton Hotel project going ahead either. I hope I'm wrong on that one.

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