Toronto’s Sheraton Centre hotel has sold for $335 million, the largest ever single hotel transaction in Canadian history.
The hotel was formerly owned by Marriot International and the deal with the new owner Brookfield Asset Management was brokered by CBRE Canada.
“We are experiencing a record-setting hotel market in Canada, with Toronto a hotbed for much of this activity,” noted Deborah Borotsik, Vice President of CBRE Hotels. “2017 is set to break new records in terms of top line performance with Canada’s strong economic growth driving business travel at the same time as a low dollar is spurring an increase in tourism.” The sale of the Sheraton Centre comes during an exceptionally strong year for the hotel sector.
The iconic 4-star hotel at the intersection of Bay Street and Queen Street has 1,372 guest rooms and over 130,000 feet of meeting and event space, making it the largest convention hotel in Toronto.
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