Squamish Hotel Listed for $12 Million, Lower Than Vancouver Penthouse

A hotel in Squamish has been listed for sale for the first time since 2018, priced at $12 million. This figure places it lower than some properties in Vancouver, highlighting a unique opportunity in the competitive real estate market. The Chieftain and Crash Hotel, located at 38005 Cleveland Ave., is one of only four hospitality properties available in downtown Squamish, according to Avison Young.

Situated approximately an hour’s drive from Vancouver, Squamish is recognized as one of Canada’s ten fastest-growing communities. Avison Young describes the hotel as a historic landmark, stating, “Since 1958, The Chieftain, with its iconic neon sign, has served as a landmark of downtown Squamish on Cleveland Avenue, reflecting the evolution from a resource-based town to an exciting adventure destination.”

Despite not being sold since 2018, the property has undergone extensive revitalization to combine its historic charm with modern boutique hospitality features. The Chieftain is well-known among locals and visitors alike, with its prominent sign marking it as a memorable sight in the area. The establishment caters to diverse needs, serving as both a destination for extended stays and a convenient pit stop.

Property Details and Financial Aspects

The Chieftain encompasses the entire building, while the Crash Hotel operates on the second floor, offering 27 hotel rooms. Avison Young notes that there are only ten hotel/motel properties in Squamish, making The Chieftain particularly significant as one of the few in the heart of the city.

The listing indicates that the entire real estate asset is for sale, but the operational business, including the Crash brand, management, and goodwill, is not. The $12 million asking price includes the hotel component, which is valued at $4,600,000, translating to approximately $170,370 per room. The commercial portion is valued at $7,400,000. The asset is being offered encumbered by the brand and management, with potential licensing opportunities available.

Amenities at the hotel include a rooftop lounge, bar, ski and bike storage, and a digital check-in system. Avison Young emphasizes that the hotel’s prime location offers exceptional visibility and walkability, providing immediate access to downtown shopping, dining, parks, and popular attractions such as the Stawamus Chief and Sea to Sky Gondola.

Market Context and Regulations

Notably, Squamish has not been classified as one of the 14 resort municipalities in British Columbia that are exempt from certain regulations. Consequently, properties in Squamish must comply with provincial government short-term rental rules. This aspect gives hotels in the area advantages under government regulations, protecting them from competition with residential supply influxes from locals and investors.

To illustrate the competitive landscape, on March 15, 2024, a Vancouver penthouse—boasting some of the best views in the city—sold for $15 million. This context further highlights the attractiveness of the Chieftain’s asking price and its potential as a valuable investment. Interested parties are encouraged to contact Avison Young for more information about this unique opportunity.