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HOTEL OPPORTUNITY

A unique 1.95 acre hotel site in Greystone, the new heart of Cochrane, Alberta.

The new community of Greystone is set in the heart of Cochrane, a fast-growing southern Alberta town that’s full of life, economic growth, strong community ties, and so much more.

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SITE LOCATION

  • World Class 325,000 sq.ft. Sports & Event Center
    Hockey
    Curling
    Aquatics
    Concerts

  • Outdoor Regional Sports
    Pickleball
    Baseball
    Tennis

  • 20-Minutes To Calgary 

  • 30-Minutes To Banff

  • Two Nearby Golf Courses



 

The 1.95 acre Greystone hotel site is situated just south of downtown Cochrane, and is an integral part of the new 140-acre master planned community of Greystone, currently under development.

 

Greystone is the largest active development project within Cochrane at present, and upon completion, it will be an attractive and significant new feature to the town, offering a broad, diverse mix of residential, commercial, retail, food service, tourist/leisure, and sports/recreation uses.

The hotel site is adjacent to the fully operational 325,000 square foot Spray Lakes Sawmills Family Sports Centre, home to three hockey rinks, six curling rinks, a running track, fitness facility, aquatics centre, basketball courts, field hockey, etc.). The location presents a significant opportunity to drive customers from sporting and cultural events as hotel guests.

A 10-acre regional sports field will be constructed in 2024 directly south of the hotel site and will include 20 pickle ball courts (qualifies for national tournaments), 2 full sized baseball diamonds, a tennis and basketball court, children's play structures, informal open space areas and washroom facilities. 

The downtown core of Cochrane is located within a short, one to two-minute drive from Greystone. A variety of recognized retail chains such as Canadian Tire, Staples, and Wal-Mart are located here. There is also a very quaint, historic section in downtown Cochrane with several old, preserved homes, stores, and businesses, which feature Cochrane’s rich western-inspired architecture from a century ago.


Other nearby attractions to the subject site include the 9-hole Cochrane Golf Club, situated just a short distance west of River Avenue, as well as the 18-hole Links of GlenEagles Golf Club, also a short, five-minute drive north of Greystone. GlenEagles is a championship par-72 golf course which, among other accolades it has received, has historically been voted as one of Alberta’s top-10 rated public golf courses.

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Site Location

MARKET & ECONOMY

  • ​Corporate Growth:
    Manufacturing

    Industrial
    ​High-Tech

  • One Of The Fastest Growing Communities in Canada

The Town of Cochrane, as illustrated below, is located 15 kilometres west of Calgary’s city limits along Highway 1A. Due to its close proximity to Calgary, as well as how much the Calgary economy has grown over the past two decades, Cochrane has become one of the fastest growing communities in all of Canada.

 

With a current population of 29,300+, Cochrane has seen a growth rate of approximately 65% over the past 10 years.

While Cochrane is not regarded as a large manufacturing, industrial or corporate centre, it is growing as a business community and ever-diversifying. Most notable in this regard are efforts by the Town to actively expand its presence of IT/high-tech firms. One such example is Garmin Canada, which in 2018 made Cochrane its national head office, and now with over 100 employees, it is considered the flagship of the Town’s high-tech community.

Market & Economy
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COMPETITIVE
OVERVIEW

  • Limited Local Competition

  • Work-Sector Demand 

  • Increased Tourist, Sporting, and Event Capacity



 

There are four hotels in Cochrane which can collectively accommodate 226 guest rooms. They all located  along Westside Drive, one block west of Highway 22.

Cochrane planning officials have advised that other than the subject hotel development, there are no formal applications for any other new hotels to be built within the town.

The general “work crew” sector is the single largest contributor of hotel occupancy on an annual basis within the competitive market. In 2019, it was estimated to represent 41.0% of all room nights sold. The tourist/leisure sector followed at 37.0% of all occupied room nights within the competitive market, while the corporate /government sector was the smallest generator of rooms demand
at 22.0%.

Recognizing regionally there is a large, diversified mix of hotels and motels in northwest Calgary (the closest quadrant of the city to Cochrane), Cochrane hotels are not in any regular manner an influencer of demand. This is mainly due to the general 20+ minute drive from downtown Cochrane to where the various clusters of northwest Calgary hotels are situated. Therefore, the only hotels deemed to be competitive with the subject hotel are those situated within Cochrane itself.

Competitive Overview
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COMMUNITY DEVELOPMENT 

  • Commercial - General zoning allows for up to 8-storeys​

  • Community Grand Opening Summer 2023

  • Energization & Road Completion May 2023

  • Community Phasing Plan

The Greystone hotel site is 1.95 acres in size, and zoned Commercial - General which allows up to 8 storeys in height to be built. 

The first phases of residential and commercial construction are underway with a community grand opening planned for Summer of 2023. 

Subdivision registration for the hotel site is currently at the Town of Cochrane's Land Titles Office and is anticipated to be released in February 2023.

The site is  graded with deep utilities installed and concrete curbs/sidewalks 80% poured. Energization and completion of roads (paving and remaining concrete) will be completed by end of May 2023. 

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HOTEL SITE PRICING

The 1.95 acre Greystone hotel site is competitively priced, based on land values and development status in the community and surrounding areas:

$1,100,000 per acre = $2,145,000

Community Development
Hotel Site Pricing
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More Information
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MORE INFORMATION

For additional information, detailed site feasibility, and to learn more about the Greystone hotel opportunity, please contact:

Josh Hagen

Vice President, Development

Burnswest

(587) 832-1108

joshua.hagen@burnswest.com

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