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Toronto's iconic Fairmont Royal York Hotel sold

The Fairmont Royal York Hotel has a new set of owners.

This week, InVest and KingSett Real Estate Growth LP partnered to buy an 80 percent share of the iconic downtown hotel for C$186.5million, leaving the remaining 20 percent to be held by current owners Ivanhoe Cambridge Inc. The news comes amidst a massive renovation initiative expected to be completed by the end of January 2015.

Bloomberg reports that the hotel was built by the Canadian Pacific Railway in 1929 across from Toronto's Union Station with the intent of becoming the largest hotel in the British Commonwealth.

In a statement published by Market Business News, Managing Director of InnVest, Ed Pitoniak, said:

"We are delighted to partner with KingSett and Ivanhoé Cambridge on what we believe is one of Canada's most prestigious hotel properties. We are also looking forward to extending our relationship with Fairmont.With the nearing completion of the Union Station enhancements, as well as the introduction of the Pearson Airport Rail Link, theFairmont Royal York's location places it at the commercial,cultural and transportation crossroads of Toronto."

Read the whole story here.

Source: Bloomberg.  

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