SSS Manhao International notifies City of decision to discontinue Hotel project

Key Points

• The City of Nanaimo had been waiting for a reply from SSS Manhao since Council passed a motion June 22 extending the time during which construction on the site could begin, on the condition that a building permit was sought within six months.
• Council agreed to the six-month extension under the condition that SSS Manhao commit $100,000 towards the improvement of Piper Park and relinquish its Right of First Negotiation for the Vancouver Island Convention Centre.
• With SSS Manhao International's decision not to proceed forward with the hotel project, the terms of the original agreement signed between the City of Nanaimo and SSS Manhao allows the City to purchase the hotel property back for the original sale price of $565,000.

Quotes

"Sometimes during challenging discussions you experience an obstacle that is difficult to pass. I was hopeful this deal would go through, so it’s very disappointing to receive word that the proponents have chosen not to proceed. Looking forward, it is important that we continue to showcase the region as an attractive place for investment and continue to welcome new businesses to our community. I look forward to working with all future investors wishing to locate their enterprises in Nanaimo."

Attachments

• Decision not to accept terms - letter to City of Nanaimo

• Backgrounder - timeline of key dates

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