Penticton’s newest hotel is officially underway following a groundbreaking ceremony on Wednesday, April 20.
Ron Mundi, the owner of the Mundi Hotel Enterprises, was joined by Mayor of Penticton John Vassilaki, MLA Dan Ashton and representatives from Sheraton, Marriot and Valley First Credit Union to speak ahead of the groundbreaking ceremony for the new six-storey 105-room project.
“These last two years, I worked with an outstanding mayor, council and staff of the City of Penticton so we can create this new hotel in this beautiful town,” said Mundi.
In addition to the high-end hotel, which will have a swimming pool and rooftop patio, the development from Mundi will also include an attached 100-seat restaurant.
The ground breaking for the Four Points by Sheraton is the latest phase in a process that has been underway for two years, with the city putting out a request in 2020 for developers willing to put in a new project that would buoy the nearby convention centre.
“We needed a partner with a proven record to come to Penticton and build what we needed for our community,” said Vassilaki. “It’s the first large project in our North Gateway. This is going to be the most magnificent area in Penticton in the next 10 to 15 years.”
At the groundbreaking Mundi promised that the city would see the nearby Penticton Trade and Convention Centre’s revenue grow substantially.
“Ten years ago we took over the Coast Hotel Kamloops’ 200 rooms and 30,000 square feet convention centre. That convention centre was going only a $1.5 million to $2 million revenue. With our team we had $7 million (before COVID),” said Mundi. “This [Penticton] convention centre is 60,000 square feet. I heard the rumours of the revenue of less than $2 million. I can guarantee for the mayor, the council and the banker, this convention centre should make a minimum $10 to $15 million the next couple of years.”
Mundi developed the Fairfield Hotel on Eckhardt Avenue in Penticton, as well as hotels in Oliver and Osoyoos and Kamloops. After the development of the Fairfield hotel, Mundi related how the mayor had been talking to him about how the city needed a bigger hotel, and that he would be willing if he could get the support of the community and Valley First for the project.
Two years later the ground is broken, and Vassilaki is already looking to the future.
“If you want another piece of land, let me know and city council will find it immediately just as fast as we found this one,” said Vassilaki during his speech.
The hotel is expected to be complete in 2023.
Among the city’s commitments, including selling the land to the Mundi group for development, are upgrades to the access between the new hotel and the convention centre.
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