Private Entity Snags Toronto Hilton
In the second big downtown hotel transaction of 2013, KWMC is paying Ivanhoe Cambridge $140M for the Toronto Hilton. (It's entitled to steal one towel.)
Samir Manji, a KWMC board member and CEO of Amica Mature Lifestyles, confirmed the deal and says no changes are in the works. It will continue to be a Hilton, says Samir, whose brother Salim heads KWMC. Our family led a consortium, he said, adding its a long-term investment entirely separate from Amica (dispelling any crazy ideas the 601-room Hilton would become a giant seniors home). Its a jewel of an asset at a centre-ice location. RealNets Richard Vilner tells us the hotel was built in 1975 and sold in 2006 for $106M. Ivanhoe said it wont comment. The 427-room Metropolitan sold last month for $39.7M.