Oxford Buys Park Hyatt Toronto for $90M
Another landmark Toronto hotel is changing hands, with Hyatt Hotels Corp announcing yesterday that Oxford Properties Group has acquired the 346-room Park Hyatt Toronto for US$90M. (In October Ivanhoé Cambridge sold the bulk of its interest in the Fairmont Royal York Hotel to KingSett Real Estate Growth and InnVest REIT.) Oxford plans to sink $25M into renovations and upgrades over the next five years; a Hyatt affiliate will continue to operate the hotel—which dates back to 1932—under a new services agreement.
Oxford EVP Michael Kitt (pictured at right at the recent Oxford Cup hockey tourney, with fellow execs Blake Hutcheson, John Peets and Jamie Petch) notes the acquisition of the Park Hyatt—at Avenue Road and Bloor Street, on the doorstep of Yorkville and across from the Royal Ontario Museum—hews to Oxford’s strategy of owning “highly visible, luxury and upper upscale assets with prime locations in key markets with high barriers to entry.” Michael adds he’s looking forward to Oxford carrying out a “significant” renovation of the hotel, which has 17k SF of meeting space, The Roof Lounge and Annona Restaurant.
