Royal York Hotel gets new owners, $50M reno planned
Posted October 29, 2014 7:29 am.
This article is more than 5 years old.
Toronto’s Royal York Hotel is getting new owners and a $50-million facelift.
A pair of real estate companies scooped up a combined 80 per cent interest in the 85-year-old, 1,300-room hotel across from Union Station for $186.5 million.
InnVest Real Estate Investment Trust and a fund managed by KingSett Capital have teamed up with Cambridge, the investment arm of a Quebec pension fund, to become the majority owners of what used to be Toronto’s tallest building.
The new owners plan to invest more than $50 million in renovations over a two-year period.
The iconic Front Street landmark is already in the middle of an extensive $100-million renovation, but the new owners plan to do an additional upgrade once their deal goes through early next year.
More than 500 rooms are planned to be fully renovated by the end of January.
Union Station is undergoing a massive renovation, including the construction of the Pearson Express rail link.
