Spain's Riu to spend $100M on Toronto hotel

The Riu Plaza urban line project, a new-build, mixed-use building will be located in Toronto's financial district, and will have 350 guestrooms. Photo credit: Riu Hotels & Resorts

Spain-based Riu Hotels & Resorts is building a hotel in Toronto, marking the company's Canadian debut. 

Riu reportedly plans to invest about $100 million in its Riu Plaza urban line project, which is set to open in 2021. The new-build, mixed-use building will be located in the city’s financial district, and will have 350 guestrooms, meeting rooms, a gym, bar and restaurant; upper floors will be for residential use. 

According to CEO Luis Riu, the opening of the first hotel in Toronto “is a big step forward in our commitment to expanding the Riu Plaza hotel line in the world’s key cities, establishing the Riu brand beyond more-traditional vacation destinations. We hope this hotel attracts Riu customers around the world to discover the city of Toronto with us, and also hope that the loyal customers we have in Canada decide to discover our urban product. This project means a new drive to raise awareness of our brand within and beyond the country.”

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Riu Hotels & Resorts has had a relationship with Canada for years, with the country being one of the main markets for Riu hotels in the Caribbean, Mexico and Central America, but it is only now with the opening of this new hotel that it is physically establishing its presence in the country, the company noted. 

The Riu Plaza line also has more projects ahead. The first to be opened in Spain will be in Madrid, where the Riu Plaza España will be located in the Edificio España. In London, Riu has acquired a building adjacent to Victoria Station and will open as a hotel in 2020. Riu Plaza’s second New York City hotel is already under construction and is set to open in 2021.