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Developer Picks Operator for Planned 5-Star Hotel

TORONTO-One of several such projects under way here, the 220-room luxury hotel will occupy the first 17 floors of a planned 65-story tower, the upper floors of which will house 352 for-sale residential units.

By Brian K. Miller | Updated on February 07, 2007

TORONTO-Developers Westbank Projects Corp. and Peterson Investment Group of Vancouver, BC have tapped Shangri-La Hotels and Resorts of Hong Kong to manage the 220-room luxury hotel that is set to anchor a 65-story luxury residential tower in Downtown Toronto. Set to open in 2011, the five-star hotel will be Shangri-La’s second hotel assignment in Canada. The same development team also tapped the hotelier to manage a similar mixed-use tower in Downtown Vancouver that is set to open in 2008.

The Toronto development will be located on the west side of University Avenue at the corner of Adelaide Street West. The hotel will occupy the first 17 floors of the tower. The next 31 levels will contain 279 one- and two-bedroom for-sale residential units. The top 17 floors will be built out as 73 “Private Estates.” The pricing has not yet been announced.

The estimated $362.86-million development is one of several luxury hotel and condominium developments vying for buyer interest in Downtown Toronto. The largest projects include the Ritz-Carlton, Four Seasons and Trump Tower. The Ritz and the Four Seasons are under construction. The Ritz, rising in the city’s entertainment district, will have approximately 267 hotel rooms and 153 condominium units. The Four Seasons will have 265 hotel rooms and 230 condo units in two towers in the Yorkville neighborhood. Trump Tower, which is in the marketing phase, would have 286 hotel rooms and 147 condominium residences.

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