Let's Hear All The Details Surrounding The PG Hotel Sale

By Ben Meisner

As you read this item, somewhere a real estate agent is making an offer on some property in which the purchaser's name is not known. It is a common practice in the real estate game. The agent is not paid an unrealistic fee but rather a fee for his/her  efforts in the transaction.

The sale of the Prince George Hotel , and if the facts are as suggested , Commonwealth Campus Inc. was able to sell the land and liqour license at a gross profit of $500,000 dollars.  Of that amount, $250,000 for the actual land transfer and $250,000 for the liquor license  meaning the Commonwealth Campus Inc. made 20% on the sale, before expenses . That is a significant amount of change in no matter what language.

So there are some questions to be answered; if the City of Prince George was so bent on buying the PG Hotel, why then didn’t they hire an agent (which is customary)  to seek out a deal at a fraction of the cost that they paid?

Why would the NDI Trust become involved in a deal that stood to make 20% on a quick flip and how do they justify the deal to loan the money in the first instance?

You cannot fault Commonwealth Campus Inc .  It  is trying to make as much coin as it could out of the deal , that’s just good business and they obviously have shown the City and NDI  just how easy it is.

The only loser in all of this is the taxpayer.  If the figures are correct, then  a far more appropriate answer to the whole transaction is in order for the taxpayers of the city.

You will note commenting privileges have been suspended on this item, to protect not only you but those involved until an explanation has been furnished.

I’m Meisner and that’s one man’s opinion.  

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