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.
Ottawa’s hotel landscape is poised for a significant transformation over the next three years with the introduction of four major international hotel brands: AC Marriott, Moxy, Renaissance, and Hard Rock Hotel.
Opened in 2019 as the largest Residence Inn in the world, the 390-suite Residence Inn Calgary is a 33-storey property located in the Beltline District in downtown Calgary.
The MICHELIN Guide has revealed the brand new One, Two, and Three Key distinctions for the most outstanding hotels in Canada.
In January 2025, STAY Magazine will host this new and exclusive event that will bring together Canada’s top hotel property-level leaders to share industry knowledge and look to the future on topics of the greatest…
