TORONTO—Easton’s Group of Hotels and The Remington Group have sold their interest in the two-tower King Blue Condominiums, in downtown Toronto, to Shanghai-based Greenland Holding Group Co. for an undisclosed sum.
“We believe this transaction will help launch us forward as we identify new investment and development opportunities allowing us to focus on key strategic priorities as we continue to transform Toronto’s skyline with dynamic new projects,” Steve Gupta,
president and CEO of Toronto-based Easton’s Group, said in a release.
The purchase marks the entry into the Canadian real estate market for Greenland Holding, a multinational company with operations across real estate development, commercial and hotel operations, energy, finance and the sports industry. Recently, the company opened a Toronto office.
Renamed King Blue by Greenland, the project is located at the corner of King Street and Blue Jays Way. It consists of a 44- and 48-storey tower and incorporates the historic Westinghouse factory building, which will also be converted into loft condos.
Easton's purchases Holiday Inn YYZ
In related news, Easton's Group has purchased the Holiday Inn Toronto-International Airport from Irving, Texas-based FelCor Lodging Trust.
446-room property is located next to Toronto’s Pearson International Airport, and
offers more than 20,000 sq. ft. of meeting space, indoor and outdoor
swimming pools and restaurants.
Group is planning a renovation that will re-position the hotel as a
dual-branded 130-unit Staybridge Suites and 300-room Holiday Inn.