More Toronto hotels are about to be turned into condos
In addition to the profound amount of new condo construction underway in Toronto, another trend that's taken shape over the last five years is the conversion of hotels into condo buildings.
As the practice becomes more common, some are sounding alarm bells about what it might mean for the tourism industry. As the Toronto Star reports, there are no less than eight major hotels in various stages being re-purposed as permanent residences right now in Toronto.
Some of the names on this list include what was once the Sutton Place Hotel, the Grand Hotel, the Eaton Chelsea, the Park Hyatt (rentals), and the Courtyard Marriot. It's a huge number of hotel rooms that will disappear and with them as many as 2,000 hospitality jobs.
While many of the proposals retain a hotel component, the net loss of rooms could have a notable effect on the city's supply of accommodations, particularly if the trend keeps up. Increased hotel rates and a dip in tourism are also trickle down possibilities.
The issue is a big enough concern that local councillors Ana Bailão and Kristyn Wong-Tam have filed a motion for city staff to investigate the possible detrimental effects that these hotel-to-condo conversions might have on the city's over $7 billion a year tourist trade.
"Meetings, Convention and Incentive Travel sales have been increasing year over year in Toronto, representing an important component of Toronto’s tourist and business sectors," the report reads.
"A strong and vibrant hotel industry with a sufficient number of hotel rooms and meeting space is essential to the economic health of Toronto."
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