CIBT Education Group Inc. (TSX:MBA, OTCQX International:
MBAIF) (“CIBT Group”) is pleased to announce that its wholly
owned subsidiary, Global Education City Holdings Inc. ("GEC"), has
partnered with an investor to jointly acquire Viva Suites Hotel
(“Viva”), located at 1311 Howe Street, Vancouver, BC, through a
limited partnership. This 17-story long-stay luxury hotel is
located in downtown Vancouver, where over 150 schools ranging from
high schools to universities, career colleges and language schools
are located. Closing of the transaction occurred earlier today.
Total project value including purchase price and renovation cost is
approximately $37 million. Global Education City Management Corp.,
a wholly owned subsidiary of CIBT Group, has entered into a twenty
year management agreement for Viva.
GEC plans to convert this luxury hotel into an education and
technology worker centric serviced apartments and long stay hotel.
Post renovation, the building will accommodate up to 230 beds fully
equipped with ensuite kitchens, fitness centre, electronic library,
TV lounge, and free shuttle bus service to major intersections of
downtown Vancouver during morning rush hour and after school
pickup. In addition, all standard services pioneered by CIBT Group
such as international student airport landing service, private
tutoring, daily hot meal service, weekend excursion activities, IT
support, academic counseling, and shuttle bus service will be
available at Viva, along with other services.
"This latest acquisition marks the 3rd investment by GEC
totaling C$113 million within 7 months with another 9 projects
under negotiation and development," commented by Toby Chu,
President and Chief Executive Officer, Vice Chairman of CIBT Group.
"Viva Suites Hotel is fully operational at this time and available
for immediate occupancy. We expect that the conversion time for
selected suites will take six months, in time for the 2015
September enrollment so that international students can check-in
after their summer holiday."
Mr. Chu added, "Our plans for 2015 are to continue our property
acquisitions steadily with a goal of adding 1 - 2 properties per
quarter, populate all of our education centric properties with
students from Canada and abroad, and to provide corporate housing
to technology companies establishing development centres in
Vancouver. CIBT Headquarters will continue to seek acquisition and
expansion opportunities for our education subsidiaries:
- Acsenda School of Management: an
accredited degree granting institution in British Columbia
- Sprott Shaw College: a group of 13
career colleges in Canada since 1903
- CIBT School of Business: a group of
accredited management schools, ESL schools in China
- Global Education Alliance Inc.: our
subsidiary which provides international student referral and
related services to over 100 public and private educational
institutions in Canada and the United States.
These subsidiaries and their academic partners will generate
substantial student-housing demands for Global Education City’s
serviced apartments and hotels. While our business and assets are
growing rapidly, CIBT Group intends to buy back our shares from the
open market for cancellation to reduce the total number of issued
and outstanding shares which enhances shareholder value at
large."
About Viva Suites Hotel & Viva Tower:
Located at the corner of Howe and Drake streets in downtown
Vancouver, Viva Suites Hotel is currently a multi-functional
building made up of commercial retail, office and fully furnished
residential suites available for daily, weekly, monthly or yearly
rental.
The Viva Suites’ residents enjoy views of North Vancouver’s
mountain peaks in the backdrop and False Creek’s marinas below in
Downtown Vancouver. On top of the convenience to reach over 150
schools in Downtown within a 10-minute radius, the centralized
location also exposes its residents to Vancouver’s fine dining and
entertainment. The luxuriously furnished suites match the class of
hotel, comfort of home, and convenience of dormitory with glass
showers and soaking tubs, granite floors and marble countertops,
and full kitchen and laundry appliances.
As general amenities, Viva Suites offers a 1,100 sq. ft. weight
room, fully-equipped lounges, weekly housekeeping, and secured
underground parking. Furthermore, a complete Viva Tower Business
Centre is offered to cater to all academic and business needs –
fax, print, photocopy, meeting facilities, and free wireless
internet extends to every suite. The Viva Suites fulfills the
living, academic, and business needs of students and business
professionals.
View our fully furnished luxury suites here:
http://www.cibt.net/vivaWebsites:
http://www.vivasuitesvancouver.com/ &
http://www.vivatower.com/
About CIBT Education Group:
CIBT Education Group Inc. is an education management company
focused on the global education market since 1994. Listed in Canada
on the Toronto Stock Exchange and in the U.S on the OTCQX
International, CIBT Group owns and operates a network of business,
technical and language colleges in North America and Asia. CIBT
Group offers cooperative joint programs in 12 countries with
campuses, recruitment offices and training centres enrolling over
7,000 students annually. Its education business is operated through
Sprott Shaw College (established in 1903), Acsenda School of
Management, CIBT School of Business China, and Global Education
Alliance Recruitment Centers in China and other overseas countries.
Through these subsidiaries, CIBT Group offers Western and Chinese
accredited business and management degrees, programs in college
preparation, healthcare, hotel management and tourism, English
language training, English Teacher Certifications, junior and high
school preparation programs for overseas study, and other
career/vocational training. CIBT Group also owns Irix Design Group,
a leading design and advertising company based in Vancouver,
Canada, Global Education Alliance (“GEA”) and Global Education City
Holdings Inc. (“GEC”). GEA recruits international students for many
elite kindergarten, primary, secondary schools and universities in
North America. GEC is an investment holding and management company
with a special focus on education related real estate projects in
Canada. Visit us online at www.cibt.net.
For more information contact:
Toby ChuVice-Chairman, President & CEOCIBT Education Group
Inc.
Investor Relations Contact: 1-604-871-9909 Email:
info@cibt.net
FORWARD LOOKING STATEMENTS:
Some statements in this news release contain forward-looking
information (the “forward-looking statements”) about CIBT
Group and its future plans. Forward-looking statements are
statements that are not historical facts. The forward-looking
statements in this news release are subject to various risks,
uncertainties and other factors (collectively, “Risks”) that
could cause the company's actual results or achievements to differ
materially from those expressed in or implied by forward-looking
statements. With respect to the statement in this news release as
to the expected conversion time for Viva, these Risks include
uncertainties and delays which potentially arise in all commercial
construction projects. With respect to the statement in this news
release as to the anticipated rate of new acquisitions, these Risks
include, without limitation, the ability to identify suitable
properties, the ability of the applicable limited partnership or
other selected investment vehicle to finance and close the purchase
of identified locations in a timely manner or at all, and
uncertainties which potentially arise in all construction projects.
Forward-looking statements are based on the beliefs, opinions and
expectations of CIBT Group’s management at the time they are made,
and CIBT Group does not assume any obligation to update its
forward-looking statements if those beliefs, opinions or
expectations, or other circumstances should change, except as may
be required by law.
CIBT Education Group Inc.Toby Chu, 1-604-871-9909Vice-Chairman,
President & CEO
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