New Life For Spadina Hotel
Another week, another historic Victorian-style hotel on the market. (Between brokers and Colin Firth movies, that whole era is seeing a resurgence.) The building at 460 King St W—the Global Village Backpacker’s hostel until January 2014, when it closed—will be coming to the market soon.
The building was constructed in the late 19th century as the Spadina Hotel, and may go back to its roots, much like last week's Broadview Hotel sale to Streetcar Developments and the ongoing sale of the El Mocambo, which may end up as a boutique-style hotel. Avison Young’s Brian Wilson and Richard McWhirter tell us we can compare the building to the Banknote property at the southeast corner of Bathurst and King, which sold for $15M.
“The properties are comparable in terms of land size and building status," Brian (snapped with Richard) says. "Income didn't drive the sale of the Banknote building, and likely won’t be the driver for 460 King St W." High-profile corners like this don't come along very often, he says, so expect that to have a significant impact on the sale.