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Delta-Hilton transformation will include new type of covenant

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"And from the perspective of the Delta hotel owners, bringing in someone like the Hilton would be a very positive thing."

Many of the parties involved in the sale are still in negotiations, but should the Hilton upgrade happen it will cost the owners millions of dollars.

"There is a substantial amount of money coming from the owners to upgrade the hotel to Hilton standards," Askew said.

"Hilton would need to see an upgrade inside the rooms and one of the key areas is the bathrooms.

"And because we’re preparing the rooms for sale the owners will also be adding kitchenettes into all the suites, which is a substantial change.

"There is also a major renovation planned for the retail outlets inside the hotel."

The Delta has 288 rooms but only 180 rooms will be made available for sale.

"We will be offering 180 rooms because we’ll be combining rooms with connectors and lock-offs, so in many cases the public will be purchasing two suites beside each other.

"When the owners are not using their rooms the Hilton and Westmont will be managing them and renting them out to the public.

"Having two rooms would give a lot of flexibility to the owners as well because it means they can stay in one and rent out the other if they don’t have a family."

The units will be priced between $249,000 and $1 million.

"About 30 to 35 per cent of our units will be priced at $300,000 or below… and that will also be a big part of marketing," Askew said.

Askew conceded there would be some restrictions on the owners despite the phase "one-and-a-half" covenant.

"It is (the rooms) required to be available to the public as a hotel so you couldn’t just stay there year round.

"But in terms of booking of it, you’ll (the owners) have priority over the public.

"There really isn’t any days that you couldn’t book for yourself to stay there, but in the meantime, the rooms would have to be made available to the public."

The initial response to the sale has been enormous but Whistler Real Estate and Playground Real Estate intend to start promoting the sale to the public within the next week.

In April there will be a one-day selection event in Vancouver where potential buyers will be invited to come and select an apartment.

"This (marketing) team is the same one that did the Four Seasons Resort and the two Pan Pacific hotels," Askew said.