A Malaysian investment group purchased the Coast Whistler Hotel for a reported $33 million last week, according to a release from TA Enterprise Bhd (TAE) in Kuala Lumpur.
The Coast is TAE’s first investment in Canada, and second hotel acquisition after purchasing the Radisson Hotel in Sydney, Australia.
By purchasing the hotel, TAE also assumed responsibility for a massive renovation of the property that got underway in the spring and is expected to be completed in fall of 2009. The price tag for the renovation is estimated at $30 million.
The Coast Whistler Hotel was privately owned but until the renovations began six months ago it was managed as a franchise by the Coast Hotels and Resorts chain, which has hotels and resorts throughout Alberta and B.C., as well as locations in Alaska, California, Hawaii, Idaho, Oregon, and Washington.
The hotel had 193 rooms, and was one of the more affordable hotels in Whistler. It was popular with tour groups and glacier ski and snowboard camps.