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Canada: Skyline International Development Inc. has sold the Cosmopolitan Hotel Toronto to Vancouver-based Executive Hotels and Resorts for CAN$13 million.
Canada: Skyline International Development Inc. has sold the Cosmopolitan Hotel Toronto to Vancouver-based Executive Hotels and Resorts for CAN$13 million.
The 50-room boutique hotel has been renamed the Executive Hotel Cosmopolitan. The transaction includes the sale of 29 Skyline-owned rooms, lobby restaurant, conference rooms, spa space, parking and other amenities.
Located at the heart of downtown Toronto, the mixed-use development was built by Skyline and first opened its doors in 2005.
“The timely sale of this hotel is aligned with one of our core business strategies of acquiring and, in this case, developing properties in the hospitality sector in which we can leverage our brand and industry expertise to attain consistently high occupancy rates, exemplary customer service and optimal operational efficiencies and subsequently divesting these assets to maximise shareholder value,” said Michael Sneyd, CEO of Skyline.
The transaction was brokered by Cushman and Wakefield.
www.skylineinvestments.com
www.executivehotels.net
