Quote:
Originally Posted by whatnext
This is one project that should definitely have been a combo hotel/condo tower. It’s in a much better location than some of the new proposals, the iconic architecture would have made it instantly recognizable and aided marketing. Given Westbank’s experience with the Shanghai-La I am really surprised they didn’t go that route. It would have cushioned them from what’s happening now.
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Given that they developed both the (former) Shangri-La and the Fairmont Pacific Rim, they presumably considered that possibility, but the economics of a hotel/condo tower could have been worse. They needed to generate enough profit to cover the cost of the seismic rebuild of the church premises (($25m+) and the social housing building for the church. The decision to build a luxury tower made sense at the time they went ahead, but circumstances changed. A hotel in the base of the tower would almost certainly have been valued at less than the apartments that have been built.
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