Friday, March 23, 2012

CROWNE PLAZA SUBMITS HIGH BID ON FORMER COURTHOUSE

BY HEATHER MCLAUGHLIN

MCLAUGHLIN.HEATHER@DAILYGLEANER.COM

23 MAR 2012 12:20AM

The owners of the Crowne Plaza Hotel property on Queen Street were the high bidders on a public tender call by the provincial Supply and Services Department to acquire the former York County courthouse.

Aquilini Properties LP submitted a bid of $800,000 to purchase the building. The provincial government had set a valuation of $800,000 on the property, which was built in 1858 and designated a national historic site in 1980. The building is located next door to the Beaverbrook hotel property.

The Lord Beaverbrook Hotel is owned by the Aquilini Investment Group of Vancouver, B.C.

Founded almost 50 years ago by Luigi Aquilini, the company has a significant commercial, residential, hotel and golf course portfolio. Acquilini Investments also owns 50 per cent of the Vancouver Canucks and GM Place.

There was only one other bidder for the York County courthouse property. Plaza Atlantic Ltd. bid $500,000 to purchase the building.

The province isn’t bound to accept any of the tenders under the public tendering process.

Aquilini has solidified its position by writing a deposit check for the valuation that the province set on the building.

It will be two to three weeks before the company can expect to hear back from the provincial government on the deal.

Crowne Plaza Hotel general manager Walther Lauffer said it would be premature to comment on the potential uses for the property until the province decides on the tender bids.

http://www.telegraphjournal.com/tjonline/thedailygleaner/9677515-266/hotel-property-aquilini-building.html.csp

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