Luxury hotel in downtown Vancouver converted to house international students

February 3, 2015

This is just the beginning, says CEO of CIBT Education Group
By Yvonne Zacharias, Postmedia News

Vancouver and Richmond can expect to see a number of new international student housing projects after the first one opened its doors at Howe and Drake near the downtown core.

A company called CIBT Education Group and an offshore partner have purchased the 17-storey Viva Suites luxury hotel at 1311 Howe St. with plans to renovate it floor by floor while immediately accepting international student renters.

While conducting a tour of the building, CEO Toby Chu said the company has three such projects in various stages of development and nine more in the planning stages in Vancouver and Richmond.

Rents will range from $900 to $2,500 per month, depending on the building, amenities and location.

With the international student population projected to grow and with a rental vacancy rate of less than one per cent in the Greater Vancouver area — and less than 0.5 per cent in the downtown core — there is a desperate need for such housing, said Chu, a Hong Kong native and local entrepreneur.

Chu maintains that a lack of reliable housing for international students is jeopardizing the city’s reputation and its position as a hub for this overseas clientele.

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