Gary Blakeley/123rf.com

Cadillac Fairview Corp. Ltd. has upped its stake in Toronto’s Ritz-Carlton hotel to 100 per cent ownership of the property.

One of the original developers of the Toronto property, which opened in 2011, Cadillac Fairview has purchased the interest of the Simcoe Wellington Hotel Limited Partnership in order to take full ownership.

“As one of the original developers of the Ritz-Carlton Toronto, we are proud to increase our ownership interest in one of Toronto’s premier luxury hotels,” said John Sullivan, president and chief executive officer of Cadillac Fairview, a property owner, operator and developer owned by the Ontario Teachers’ Pension Plan.

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“Located at the intersection of the financial, entertainment and waterfront districts, we view the Ritz-Carlton Toronto hotel as a strong complementary asset to our office portfolio in the vicinity, including Simcoe Place, RBC Centre and one future office site at 160 Front St.”

Marriott International Inc. will continue to operate the 53-storey building under the Ritz-Carlton brand.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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