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New details are being revealed about the sale of three low-budget motels in Penticton.
The Western Investor is reporting the motels sold for $5 million. Castanet News first reported the sale of the Mayfair, Sun Valley and Meadowlark motels on Skaha Lake Road in March.
Sources now tell Castanet the property has been purchased by Seacliff Properties, the Vancouver-based firm behind Vernon’s “The Rise” development.
The lots are zoned by the City of Penticton for high-density residential and commercial up to 282 units.
The three motels have a combined 57 units — all rented on a monthly basis — generating $478,000 annually, according to the listing for sale.
Seacliff could not immediately be reached for comment.
