NANAIMO, BC, March 27, 2023 (Newswire.com) - PEG Companies ["PEG"], a vertically integrated commercial real estate investment firm known for its creative approach to creating value, and Snuneymuxw First Nation announced the opening of Courtyard by Marriott Nanaimo, a highly anticipated 172-key business-class hotel located on the east coast of Vancouver Island in British Columbia, Canada. This new hotel positions the city of Nanaimo for further growth while also honoring the Snuneymuxw First Nation's rich history, art, and culture.
Located at 100 Gordon Street adjacent to the Vancouver Island Conference Centre, the Courtyard by Marriott Nanaimo represents a significant collaborative effort between PEG, the Snuneymuxw First Nation, the City of Nanaimo, and other project partners, including Omicron Construction.
"As the majority owner of the hotel, we celebrate the opportunity to share Snuneymuxw culture with visitors from all over the world while supporting the economic growth of our Nation and the local community," says Chief Mike Wyse. "By investing in Nanaimo's hospitality industry, we have created local jobs and established essential infrastructure that benefits a growing tourism sector."
"It's only been three years since we saw the ground break on this project, but for the citizens of Nanaimo, a hotel next to our Vancouver Island Conference Centre has been more than a decade in the making. The City appreciates the confidence PEG and Snuneymuxw First Nation are showing in our economy. With excitement, we welcome the very impressive Courtyard by Marriott; we know this hotel will help us grow our leisure and business tourism markets in a big way," said Nanaimo Mayor Leonard Krog.
PEG was selected to develop the hotel in 2017. The Utah-based firm broke ground in February 2020 just before the COVID-19 pandemic hit, which later created many hurdles for the company to overcome, including labor shortages, elevated construction costs, and travel restrictions. Through diligence and creativity, PEG ultimately pushed through those challenges and is now delivering the upscale hotel they promised to the community.
"Here at PEG, our word is our bond," said Chief Investment Officer Robert Schmidt, who oversaw the entire development and construction process. "We appreciate the great trust the community of Nanaimo placed in us as its development partner of choice, and we learned a lot while persevering through the challenging market conditions and exercising our value engineering capabilities," he explained.
The hotel has the benefit of being located on culturally significant land where the beloved, and now extinct, Wool Dogs were cared for by the Snuneymuxw people. In recognition of this, the hotel has integrated site-specific Snuneymuxw art throughout its design, including in its guest rooms and public spaces. Ay Lelum The Good House of Design was selected for the project and worked in conjunction with the PEG and Marriott team. Featured Snuneymuxw artists include Joel Good, Dr. William Good, Sandra Moorhouse-Good, Aunalee Boyd-Good, Sophia Seward-Good, and Thea Harris.
"Our goal was to create an immersive and one-of-a-kind experience that celebrates Snuneymuxw culture and the unique history of the land on which the hotel is located," says Aunalee Boyd-Good. "Our family of artists is honored to share the profound connection between art, place and history with hotel guests."
To construct the nine-story building, PEG partnered with Vancouver-based Nexxi Building Solutions Inc. ["Nexxi"]. Nexxi's low-carbon, concrete alternative panels for the exterior sped up construction time and reduced the climate impact, nearly diminishing the on-site construction waste that traditional builds typically produce.
Hotel Equities, which manages a portfolio of 250-plus hotels and resorts throughout the U.S. and Canada, now operates the property with hospitality veteran Paul Dodds serving as General Manager. So far, 56 people have been hired to work in the hotel, many of whom are members of Snuneymuxw First Nation.
With several convention center-related bookings in place, hotel operations are off to a strong start. PEG plans to host a community-wide ribbon-cutting ceremony to celebrate construction completion this May.
About PEG Companies:
PEG Companies ["PEG"] is a full-service commercial real estate investment firm known for its unique approach to creating value. A vertically integrated organization with five highly synergistic companies that each manage a different aspect of PEG's investments, the group is known for its hands-on involvement through the entire investment process. With $2 billion AUM diversified across the multifamily, build-for-rent, student housing, mixed-use, retail, and hospitality asset classes throughout 27-plus states/provinces, the firm sponsors multiple investment products on behalf of its investors. For more information on PEG, visit pegcompanies.com.
About Snuneymuxw First Nation:
The Snuneymuxw are a vibrant First Nation of the Coast Salish People, residing in the center of Coast Salish territory on the eastern coast of Vancouver Island, with villages on the Fraser River and waterways in the Gulf Islands. Snuneymuxw territory encompasses one of the most productive and resource-rich areas at the heart of the Salish Sea. On Dec. 23, 1854, the Snuneymuxw People entered the Snuneymuxw Treaty of 1854 to forever and always preserve and protect Snuneymuxw villages, enclosed fields, waterways, harvesting and gathering, and the rights to hunt and fisheries as formerly. Often referred to as a trade and commerce treaty, the Snuneymuxw Treaty of 1854 is protected under section 35 of the Constitution Act, 1982. The Ancestors were brilliant to protect the Snuneymuxw way of being by entering into the strongest treaty agreement available to Canada. For more information, visit Snuneymuxw.ca. For art-related inquiries, please contact Aunalee Boyd-Good at [email protected].Contact Information:
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