Construction to begin on Victoria’s newest Hotel

Concert and Ocean Properties celebrate start of Victoria Marriott Inner Harbour

Vancouver, BC, Canada – The start of construction of the 236-room Victoria Marriott Inner Harbour hotel was announced today at an on-site celebration event hosted by the co-developers Concert Properties Ltd., a leading BC-based real estate development company and Ocean Properties Ltd. Hotels and Resorts, one of the largest privately-held hotel management companies in North America.

The construction contract, valued at approximately $23 million, has been awarded to Campbell Construction Ltd. of Victoria.

"We are looking forward to working with Campbell Construction on this venture," said David Podmore, President & CEO, Concert Properties. "The company has an impressive track record of quality construction in the Victoria area."

When completed in the spring of 2004, the Victoria Marriott Inner Harbour will be co-owned by Concert Properties and Ocean Properties, and managed by Ocean under a Marriott International franchise agreement.

Speaking at the event, Victoria Mayor Alan Lowe said, "We are looking to the Victoria Marriott Inner Harbour to help create new employment and tourism opportunities for our city. Today's event demonstrates to international travellers and meeting planners that Victoria continues to develop new offerings, while also maintaining all of the characteristics that make Victoria the vacation capital of Canada and the premiere tourist spot in the Pacific Northwest."

"Both Ocean Properties and Marriott International want to be integral parts of the Victoria community," said Ocean Properties, Vice President Billy Walsh. "Celebrating the start of construction by a well-known Victoria firm is an important first step in earning our position in the community."

The 16-storey hotel will be located at the corner of Humboldt and Penwell streets. Campbell Construction projects in Victoria include the Hotel Grand Pacific, Saanich Commonwealth Place - one of the largest aquatic centres in Canada - and Regent's Park condominium project. As construction managers of the St. Ann's Restoration project, the company directed a workforce of nearly 400 contractors, tradespeople and artisans.

About Concert
Properties Concert is an award-winning diversified real estate enterprise involved in developing and acquiring commercial and industrial properties, rental housing, multi-family condominium housing, seniors living communities, and resort developments in British Columbia, Alberta and Ontario.

For media inquiries contact:
Heather Harley
Telephone: 604.602.3713

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