A set of three motels next to Penticton’s Skaha Lake Park that went into court-ordered receivership are now up for sale.
The three properties, the Sunny Beach, Waterfront and Beachside Motels, were put into receivership in 2021 over unpaid debts to the Prospera Credit Union.
The block of properties went up for court-ordered sale about 30 days ago, and offers are currently expected to start coming in over the next week.
According to Colliers listing agent Bill Randall, after it went into receivership in 2021 the owner of the properties had been able to rally together the $5.5 million in debt to keep it off the block, but now the properties are back up with $12 million of attached debt.
“When we did this 18 months ago, he was able to pay off the mortgage, I would be very surprised if that was to happen here again,” said Randall.
The properties are listed for sale together, and Randall sees the chance of them being bought individually as incredibly unlikely.
The area the properties are located in is a stone’s throw from Skaha Lake Park and within sight of the lake itself, the properties do seem the perfect mix that has been snapped up by developers elsewhere in the city.
“They’re very profitable motels, so I would run it as motels for five to 15 years and then look at redeveloping them for something. Maybe it’s a hotel on the bottom and residential on the top to get some additional density,” said Randall.
From the former Ogopogo Motel site to the Skaha Lake Road Assembly project by BC Housing, Penticton has and is set to lose a number of its motels. Randall believes that the three near Skaha Lake Park won’t be among them.
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