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CentreVenture Buys St. Regis Hotel, Neighbouring Lots

November 15, 2012 3:23 PM | News

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The St. Regis Hotel in downtown Winnipeg has been sold to CentreVenture Development Corporation.

The purchase of the hotel on Smith Street includes the accompanying surface parking lots and will see the transfer of ownership conclude in mid-January 2013.

“The purchase of this downtown hotel and parking lots is a major achievement for CentreVenture and the City of Winnipeg,” said Mayor Sam Katz. “Our vision for a revitalized, family-friendly downtown is becoming a reality and with partners in place, this area can become a vibrant and healthy neighbourhood.”

The hotel will continue to operate based on a leaseback with the current owners, Darshan Kaila and Jaspal Sandhu. Upon possession in January 2013, CentreVenture will close the beverage and VLT lounge, resulting in 12 employees being laid off. Employees affected have been offered assistance by way of job search, resume preparation, and possible training opportunities.

Longer-term development plans for the site will be announced by CentreVenture in the near future.