Marriott buys Delta hotel chain to win Canadian market

Delta hotels | BCBusiness

More bad news for B.C.’s mining industry and, wait, good news for Vancouver developers?

Our hotels just got a little more American
Marriott International, the major U.S. hotel chain, expects it will soon be No. 1 in Canada in terms of size, increasing its Canadian footprint by 50 per cent to more than 120 hotels north of the 49th parallel. The rapidly expanding $22.3-billion company announced Tuesday that it had finalized its purchase of Canada’s Delta Hotels and Resorts, acquiring an additional 38 hotels and resorts across Canada. Marriott bought the brand and its franchises from Delta Hotels LP—a subsidiary of the British Columbia Investment Management Corporation—for $165 million.

Mining for hope
More bad news for B.C.’s beleaguered mining industry: the amount of money spent on exploration—that is, looking for new mines—dropped 29 per cent in 2014, according to Premier Christy Clark, who spoke at the Association for Mineral Exploration B.C.’s Exploration Roundup conference on Monday. In dollars, that’s a drop from $476 million spent in 2013 to $338 million last year. Clark said that, despite low commodity prices, mining will inevitably bounce back and that continued exploration is key to ensuring that new “mines will eventually open.” For a closer look at some of those new mines, check out BCBusiness‘s recent feature on a few big projects currently underway around the province. (via The Vancouver Sun)

2015, same as 2014, 2013, etc.
Complain all you want, but 2015 is looking to be another good year for developers in Metro Vancouver. That’s according to a piece over at the Vancouver Sun, which attributes continued low interest rates, similarly low vacancy rates and high immigration—and a luncheon with happy-sounding developers—to the anticipated trend. More on that here. (via The Vancouver Sun)