Name: Le Meridien King Edward Hotel
Location: Toronto, ON
Sale Date: March 2010
Price: $48 million ($161,100 per room)
Cap Rate: 2.6%
Vendor: LB SCG King Edward ULC (Starman Hotels)
Buyer: Skyline Executive Acquisitions Inc.
Summary
Colliers International Hotels Toronto and London UK offices acted on behalf of Starman Hotels in the sale of the 298-room Le Meridien King Edward Hotel, in downtown Toronto. Spanning one full city block, facing King Street East the property is improved by an 18 storey tower and eight storey main building. At the time of sale, three full floors of the property, with a total gross floor area of approximately 120,000 SF, had been vacant since 2005. The purchaser intends to condominiumize the vacant floors to facilitate the development and sale luxury condominium units; restore the 8,000 SF Crystal Ballroom; and re-configure the ground floor retail space to accommodate a new luxury restaurant/bar.
