Oxford Properties Group has purchased the 346-room Park Hyatt Toronto hotel from Hyatt for approximately US$90 million or $260,000. Oxford intends to spend approximately $25 million more in additional capital expenditures over the next five years. Hyatt will continue to operate the hotel.
“Oxford’s acquisition of Park Hyatt Toronto is in line with our stated strategy of owning highly visible, luxury and upper upscale assets with prime locations in key markets with high barriers to entry,” said Michael Kitt, EVP, Canada, Oxford. “We look forward to working together with Hyatt on a significant hotel renovation in line with the prestige of the brand and location.”
”This transaction is consistent with our asset recycling strategy and allows Hyatt to retain its luxury presence and management in Toronto, a key global market,” said Stephen Haggerty, global head, capital strategy, franchising and select service for Hyatt. “We are excited to enter into a relationship with a well respected owner that has such deep knowledge of the Canadian market and we believe their planned renovation of the hotel will underscore the luxury and elegance for which the Park Hyatt brand is known.”
The hotel has17,000 square feet of meeting space, the Stillwater Spa, The Roof Lounge and the Annona restaurant.