Name: Sheraton Centre Toronto Hotel
Location: Toronto, ON
Sale Date: March 2001
Price: $75 million ($109,000/room)
Cap Rate: Undisclosed
Vendor: Metropolitan Marine Way Investments Inc. (MetLife)
Buyer: Starwood Hotels & Resorts Worldwide Inc.
Summary
Colliers International Hotels acted on behalf of MetLife in the sale of its 50% leasehold interest in the 1,377-room Sheraton Centre Toronto Hotel, located in downtown Toronto. Hotel facilities include more than 84,000 SF (7,800 SM) of meeting/convention space, three food and beverage outlets, underground parking, indoor/outdoor pool, exercise room, sundeck and garden terraces, hot tub, sauna, whirlpool, massage clinic, business centre and approximately 104,200 SF (9,680 SM) of retail/office space with 82 tenants. The Hotel was also subject to a co-tenancy and long term management contract and required substantial equity investment.
