Park Hyatt Toronto sold

TORONTO — Oxford Properties Group purchased the 346-room Park Hyatt Toronto from Hyatt Hotels Corporation for about $90 million (U.S.).

TORONTO — Oxford
Properties Group purchased the 346-room Park Hyatt Toronto from Hyatt Hotels
Corporation for about $90 million (U.S.).

In Toronto’
Yorkville area at the corner of Avenue Road and Bloor Streets, the property
includes 17,000 square feet of meeting space, the Stillwater Spa, The Roof
Lounge, Annona restaurant and office and retail space.

According
to a release, Oxford intends to spend approximately $25 million (U.S.) in
additional capital expenditures over the next five years. A Hyatt affiliate
will continue to operate the hotel under a new hotel services agreement.

 “Oxford’s
acquisition of Park Hyatt Toronto is in line with our stated strategy of owning
highly visible, luxury and upper upscale assets with prime locations in key
markets with high barriers to entry,” said Michael Kitt, executive vice-president,
Canada, Oxford. “We look forward to working together with Hyatt on a
significant hotel renovation in line with the prestige of the brand and location.”

Colliers
International Hotels brokered the deal with Eastdil Secured LLC between Oxford
and a Hyatt affiliate.