The Purchaser was SSS Manhao International Tourism Group (Canada) Co. Ltd. (“SSS Manhao”), a subsidiary of Suzhou Youth Travel Services Co. Ltd. (“SYTSC”), which was incorporated in 1984. SYTSC was one of the first international travel service providers approved by the Chinese State Tourism Administration.
SSS International Consultant Group (Canada) Co. Ltd. was incorporated in 2002 in Canada. The company was in the process of formulating a business plan with respect to development of a new tour route from Vancouver to Vancouver Island including an overnight stay at the proposed Nanaimo hotel.
Representatives from SSS Manhao stated that they planned to invest $50,000,000 in the development of the hotel project and once the project was complete, the hotel expected to attract 70,000 tourists each year with more than 500 jobs created.