
Oxford Properties entered an agreement to purchase the upscale hotel from the Hyatt group for 260,000 dollars per room or close to 211,000 euros.
The new owner, Oxford Properties Group, plans to invest an additional 25 million dollars, or some 20 million euros in the upscale hotel over the next five years. Not far from Toronto's financial district, the 346-room property was built in 1932, then rebuilt in 1998. It is an iconic address in the Canadian city.
On January 1, 2014, Hyatt was the 12th hotel group worldwide in terms of number of rooms according to the ranking realized each year by MKG Hospitality, hospitality consulting firm founded by Georges Panayotis. It had a portfolio of 522 hotels and 143,461 rooms worldwide. (Read our report)
