Why Toronto Hotels Are Like Hotcakes
Toronto hotels have been selling like flapjacks, and you can add two more to the crowded list of deals done in the GTA over the past six months. The 216-suite Radisson Suite Hotel Toronto Airport on Dixon Road was purchased last month by Silver Hotel Group from InnVest REIT, a sale brokered by Colliers International Hotels. The brokerage also recently assisted in the sale to Sunray Group of Hotels of the 240-room Radisson Hotel Toronto East (Highway 401 and Victoria Park Avenue).
The GTA has been “the most active and sought after (hotel) investment market” in Canada, Colliers says, with 14 hotels trading hands here in 2014, representing $273.5M, or 20% of national volume. The sale of the Park Hyatt Toronto to Oxford Properties Group for $105M was the second largest dollar-volume deal in Canada last year. And Ivanhoé Cambridge sold its interest in the Fairmont Royal York Hotel last fall to KingSett Real Estate Growth and InnVest. Notes Colliers: “Toronto, typically a ‘buy and hold’ market, witnessed a flurry of investor interest on the majority of assets brought to market.”