Canada’s biggest ever hotel deal?

An iconic hotel on Toronto’s waterfront is set to hit a new Canadian record for a property of its type. The Westin Harbour Castle is expected to be put on the market next week and could fetch between $350-400 million. With the low cost of the Canadian dollar and low interest rates it is likely to attract a lot of foreign interest and comes after the recent sale of the Westin Bayshore on Vancouver’s waterfront sold for $290 million. The Harbour Castle has 977 rooms but there is additional value in the deal with the potential to build an additional trio of towers.