Despite all of the new hotel product that's come online in Toronto, the market continues to hold up very well, according to CBRE Canadian hospitality guru Bill Stone. (All it takes is a couple marquis players on the Blue Jays and everybody wants to visit the GTA.) Trump, Shangri-La, and Thompson have remade the luxe hotel market in Toronto, while occupancy is the mid-70%, he says. Even though developing hotels to a four- or five-star standard requires a lot of capital, new development costs tend to be fixed and more predictable, he says. CBRE also projects a slight increase in hotel investment activity this year; 2012 saw $1.1B.
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