The GEC Granville Suites Hotel, Toronto, Ont. has sold to an unnamed local hotelier and real estate developer for approximately $70 million—according to real estate services firm Avison Young.
The sale signifies a 79 per cent increase in the property’s value since its acquisition in 2015, and located in the city’s downtown on Granville and Drake streets — the hotel was bought by GECC in 2015 for $39 million.
Additionally, the company states it’s the largest hotel sale in the city since 2017. The 143-suite, 12-storey building was previously owned by education and student housing investment company Global Education Communities Corp. (GECC), and will remain a hotel under the new ownership.
On October 29th and 30th, the 2024 Western Canadian Lodging Conference (WCLC) took place at the Hyatt Regency, Vancouver, B.C., bringing together over 300 hospitality leaders and stakeholders from across the industry to…
FEATURE PROFILE: Feature from the FALL 2024 ISSUE of STAY Magazine
The latest Lodging Econometrics (LE) data from Q3 2024 reveals unprecedented growth in Canada's hotel development pipeline, with key indicators suggesting an expansion phase is underway. The total pipeline has reached a…
Holiday Inn & Suites Parkway Conference Centre, St. Catharines, Ont. held a grand re-opening after its renovations—now double-branded with the addition of Staybridge Suites for extended stays.
