“ IT ’ S HARD TO GET FINANCING IN CANADA . AND IT ’ S HARD TO BUILD IN CANADA . … THE COST OF CONSTRUCTION IS 30 % TO 40 % HIGHER THAN IN THE UNITED STATES .” – STEVE GIBLIN estate can be hard to find . “ We have access to capital ,” he adds . “ We have investors who are very happy with our performance . It ’ s hard to get financing in Canada . And it ’ s hard to build in Canada . … The cost of construction is 30 % to 40 % higher than in the United States .”
THE PIPELINE : NORTH AMERICA
SILVERBIRCH IS FOCUSED
As the U . S . hotel pipeline posts another record year , many North American developers have shied away from Canada because of higher debt costs and barriers to construction . Still , the market continues steady growth thanks to experienced players like Silverbirch Hotels & Resorts .
While Lodging Econometrics data shows the pipeline in Canada has grown 10 % compared to 17 % in the United States , Silverbirch President and CEO Steve Giblin says growth there has actually been more consistent because Canada never experienced a dramatic downturn in 2008 , 2009 and 2010 .
Giblin says his company , which owns , manages and asset-manages , concentrates on full- and focused-service hotels . However , Giblin says much of the new development in Canada is focusedservice . Silverbirch has recently opened a half-dozen such properties . “ We plan to open quite a few more across Canada ,” Giblin adds .
Giblin says his company ’ s focus now is on new-builds , although the right real
“ IT ’ S HARD TO GET FINANCING IN CANADA . AND IT ’ S HARD TO BUILD IN CANADA . … THE COST OF CONSTRUCTION IS 30 % TO 40 % HIGHER THAN IN THE UNITED STATES .” – STEVE GIBLIN estate can be hard to find . “ We have access to capital ,” he adds . “ We have investors who are very happy with our performance . It ’ s hard to get financing in Canada . And it ’ s hard to build in Canada . … The cost of construction is 30 % to 40 % higher than in the United States .”
One of Canada ’ s hottest markets is Calgary , where Silverbirch is building a Marriott Residence Inn with 390 rooms . The hotel is part of a project downtown that includes two towers , one for the hotel and one for residences , along with retail and restaurants . Silverbirch also is preparing to announce development of a new group of hotels by year ’ s end .
Giblin says his company ’ s investment strategy is generally to hold its hotels , although it did sell five non-strategic assets this year . “ Our real focus is to get to building more hotels ,” he says . “ We like focused-service .”
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M A D E
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Carving station
Carving station made of chrome nickel steel , digital adjust able from 30 – 100 ° C
Buffet-heat lamp
Buffet-heat lamp with 250 W infrared lamp in 3 different colours
3 different colours : white , black and gold
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