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Sooke Harbor House on the market for $13.3 million

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With the renovation of Sooke Harbor House almost complete, the owners have put their waterfront property on the market.

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The hotel and restaurant are listed at $13.3 million.

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IAG Enterprises, a North Vancouver-based real estate investment and holding company, purchased a two-story hotel for $5.6 million in a court-ordered sale in 2020.

“We are in the process of finishing our final refurbishment right now and have had some inquiries, so we thought we would test the waters,” said Alex Watson, IAG’s chief operating officer. said. “We are always evaluating every property, and we are always evaluating the market.”

Watson said he expects internal and external work to be completed by the end of the year. “I think we’ve done a great job restoring him to his former glory,” he said.

He pointed out that all 28 rooms have been renovated. “So it took two years.”

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Watson, who originally hoped to reopen the hotel in 2021, did not disclose how much money was spent on the renovation.

“This is a big undertaking. If you really think about how long it takes someone to renovate a kitchen, we’ve done a lot more than that.”

A BC Supreme Court order authorized the sale of a 2.5-acre waterfront site for $5,632,000 in 2020 after foreclosure action was initiated.

Sooke Harbor House had earned a reputation as a premier destination, garnering international honors and attracting movie stars. Frederique and Sinclair Philip purchased the property in his 1970s, focusing on locally grown food, including produce from their own gardens, and award winning wine cellars.

In the fall of 2020, Phillips was awarded approximately $4 million in damages by a BC Supreme Court judge over a failed stock purchase agreement.

They lost control of the hotel to a buyer who agreed to buy the hotel but did not complete the contract.

Philips did business with the companies SHH Management Ltd. and SHH Holdings Ltd. The judge said Timothy Durkin was a director and represented both companies in court.

cjwilson@timescolonist.com

Sooke Harbor House on the market for $13.3 million

Source link Sooke Harbor House on the market for $13.3 million

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