TORONTO — Skyline International Development Inc. announced on July 15 the sale of the Cosmopolitan Hotel Toronto to Vancouver-based Executive Hotels and Resorts for $13 million. The sale, which was finalized July 8, will not affect guests and clients of the 50-room upscale boutique hotel, now renamed Executive Hotel Cosmopolitan.
“The timely sale of this hotel is aligned with one of our core business strategies of acquiring and, in this case, developing properties in the hospitality sector in which we can leverage our brand and industry expertise to attain consistently high occupancy rates, exemplary customer service and optimal operational efficiencies and subsequently divesting these assets to maximize shareholder value,” said Skyline CEO Michael Sneyd in a release.
The transaction includes the sale of 29 Skyline-owned rooms, lobby restaurant, conference rooms, spa space, parking and other amenities. Located in downtown Toronto, the mixed-use development was built by Skyline and first opened its doors in 2005.
Handling the transaction was brokerage firm Cushman and Wakefield.