The City of Penticton has inked a $1.5 million deal to get a new hotel.
The new hotel will be located at 903 Vernon Avenue, near the Penticton Trade and Convention Centre and South Okanagan Events Centre.
Ron Mundi of Mundi Hotel Enterprises Inc. has agreed to purchase the land and build a new six-storey hotel on the property.
READ MORE: City of Penticton seeks developers for new high-end hotel
The new hotel would provide between 100 to 110 rooms, and would also have direct pedestrian access to the PTCC.
It will also allow for new and different conventions and events to come to the city, according to Dean Clarke, the manager of Spectra, the company that operates the PTCC and SOEC.
“We will now be able to solicit and bid on new conventions, meetings and special event business, which we have previously not met hosting requirements. Like the SOEC, the City’s forward-thinking vision will grow our convention business bringing more delegates and event attendees to Penticton.”
According to Mundi, the new hotel would include amenities such as an indoor pool and hot tub, fitness facilities and an upscale restaurant and lounge.
Mundi is also the builder of the Fairfield Marriot Hotel located on Eckhardt Ave.
READ MORE: Penticton’s newest hotel enjoying success through first week
The agreement came about following Ron Mundi of Mundi Hotel Enterprises Inc.’s successful submission to the City’s Oct. 8 Expression of Interest to purchase the land at 903 Vernon Avenue for the purpose of building a hotel.
The agreement is contingent on Mundi Hotel Enterprises Inc. achieving key milestones including, submitting and receiving approval for City development and building permit approvals before the land is transferred, currently set at July 31, 2021.
Once underway, the City is also requiring a construction timeline under 28 months.
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