Two-hundred additional beds will be made available to Vancouver’s growing number of international students, after the CIBT Education Group acquired Viva Suites hotel at Drake and Howe for $37m.
The 17-storey hotel aims to provide affordable rents to foreign students, as prices across the area remain to be expensive even for locals.
The federal government welcomed more international students last year, increasing the population to 112,000 in the Lower Mainland alone.
“We are facing some significant challenges placing students into affordable yet comfortable and secure environments,” chief executive Toby Chu said.
CIBT is set to have the units rented for $1,000 to $1,100 per month, depending on size. Units are between 400 and 800 square feet.
Larger single rooms will also be divided into two bedrooms, but there shall be no need to change the building’s zoning.
In total, CIBT plans up to 5,000 new beds for students in the Lower Mainland. Apart from international students, the company also aims to cater to “international tech professionals who are coming to work for an extended period but can’t find decent accommodation.”
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