For sale signs have gone up for pubs in Chemainus, Saltair and Ladysmith owned by Dave Prakash.
Vancouver realtor James Barnes confirms the three properties are on the market through a court ordered process but said it is not technically a foreclosure situation.
The Horseshoe Bay Inn, a historic property that has been a Chemainus landmark for more than a century is being offered at $2.85 million. Prakash acquired the Shoe in 2012. The hotel opened in 1892 and has welcomed guests including John D. Rockefeller, H.R. MacMillan and other other well-known people throughout its storied past.
Prakash acquired majority control of the Saltair Pub, a popular watering hole and gathering place for local for many years, in 2013. The property was once home to a farm family, and the house was converted into a pub several years ago. Offered at $2.35 million, the property includes almost 9 acres of land that could be developed into residential lots.
Barnes also has the listing for the Ladysmith Inn, home to a pub known as The Sporty. Prakash first bought the Ladysmith Inn in 2001 for $750,000. He ran it for five years before selling it. Prakash reacquired the property in 2011, again paying $750,000 for the hotel that he said at the time, had gone downhill and “there is room for improvement.”
The Ladysmith Inn is on the market for $2.85 million.
Among Prakash’s investments in the region was the former Green Lantern hotel on Chemainus Road in Chemainus. He bought the hotel in 2007 and claimed to have put $400,000 into renovations to the beverage room. He also planned extensive renovations to the upper floor that would allow him to rent rooms.
Prakash sold the property to two Cowichan Valley investors in 2023. They have received approval from the Municipality of North Cowichan to do extensive renovations and plan to create 15 apartment units.
