Royal York Hotel put up for sale
The Royal York, Toronto's most iconic hotel, is up for sale, as the Caisse de dépôt et placement du Québec continues to unload its hotel properties. Built in 1929 and a fixture on the Toronto skyline throughout the 20th century, it's not yet clear what the asking price is, but you know it will be astronomical given the size and stature of the hotel. Will new ownership usher in changes at the historic property?
One would expect updates to be a priority for a new owner, though management of the hotel will remain in the hands of Fairmont, which the Globe reports has a contract to operate the hotel for decades. That means the red sign that adorns the top of the building will likely stay in place, for those (like me) who care about these sorts of things. Apparently 200 of the 1,363 rooms at the Royal York have been recently renovated. A new owner would have to continue these modernization efforts in order to draw more business in an increasingly competitive hotel market.
Photo by Phil Marion