Royal York Hotel to get $50M facelift under new ownership

The landmark Royal York Hotel in Toronto will undergo another round of renovations following a reorganization of its ownership.

The new owners plan to spend $50 million to renovate the 85-year-old, 1,363-room hotel once the deal closes.

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The new deal means the historic railway hotel will have three new owners.

It's a joint venture between InnVest Real Estate Investment Trust, the KingSett real estate company and Ivanhoe Cambridge, who will acquire the property for $186.5 million.

A fund managed byKingSettwill acquire a 60 per cent interest worth an estimated $111.9 million andInnVestwill pay $37.3 million for a 20 per cent stake.

Iconic hotel

The Royal York is managed by Fairmont Hotels and Resorts and has aprominent downtown location.

Royal York was built by CP Railway in 1929 on Torontos Front Street opposite Union Station and was for many years the tallest building in Toronto.A round of renovations is currently underway.

Queen Elizabeth is one of many distinguished guests who has stayed there.