Luxury Toronto hotel just sold and the price may have broken a record

The luxurious five-star Ritz-Carlton, Toronto hotel has officially been sold to a new ownership duo, following reports last year that the celebrity-frequented property was up for sale. 

Located at 181 Wellington St. W., the landmark hotel has been acquired by Pacific Reach, a Vancouver-based investment firm, and Toronto's Dilawri Group, Canada's largest automotive group. The transaction from Cadillac Fairview was completed last week for an undisclosed price. 

Despite the ownership change, the hotel will continue to operate under the Ritz-Carlton brand, managed by Marriott International, with no disruption to guest services. The two firms will serve as equal partners, with Pacific Reach taking on the role of asset manager, while Dilawri focuses on property enhancements. 

"We are thrilled to acquire The Ritz-Carlton, Toronto and leverage our years of experience owning and operating luxury hospitality assets, including the Rosewood Hotel Georgia, to build on the exceptional reputation of The Ritz-Carlton, Toronto," said Azim Jamal, CEO and Founder of Pacific Reach. 

"This partnership with Dilawri represents our shared vision of excellence, as we take steps to further enrich the guest experience and continue the Ritz-Carlton's legacy as one of the most prestigious luxury hotels in Canada."

Opened in 2011, the Ritz-Carlton helped transform a once bleak stretch of Wellington St. W. into a bustling corridor. Situated close to TIFF, restaurants, and King West, the property has become a magnet for celebrities and executives over the course of its operations. 

The hotel occupies the first 20 floors of the 53-storey tower, housing 263 rooms, while the upper levels consist of 160 residential condos not included in the sale. 

The transaction price has remained private, though industry sources suggest that the hotel could have commanded a record-breaking sale price, reportedly $1.7 million per room.

While blogTO has not independently confirmed this figure, this estimated valuation would push the sale total to approximately $447.1 million, easily surpassing the current Canadian record set by the Hazelton Hotel in 2023 at $1.3 million per room. 

According to the new owners, the hotel's luxury offerings will soon be elevated even further, with planned upgrades including enhancements to spa and wellness amenities, common areas, and conference spaces.

The move follows other high-profile transactions in Toronto's luxury hotel market, such as the nearby Bisha Hotel, which was acquired earlier this year by Sunray Group for $91 million. 

Earlier this summer, the Ritz-Carlton was ranked #8 on Travel + Leisure's Canadian roundup list for the "World's Best Awards" in 2025.