Toronto office tower built over a century ago is about to transform into a hotel

One of Toronto's earliest skyscrapers is about to take on a new life as a luxury hotel.

The Edwardian-style Canadian Pacific Building at the southeast corner of Yonge and King will soon be transformed into a 162-key hotel that will operate under Marriott International's Tribute Portfolio banner.

Constructed in 1913, the 113-year-old landmark at 69 Yonge Street rises 15 storeys from one of the city's most prominent corners, and was a significant presence in Toronto's early-20th-century Financial District.

The office tower was the tallest building in the entire British Empire at the time of its opening, but that stature has been eclipsed over the decades as prestige office buildings populated the surrounding blocks.

However, the winds of change have been swirling at this intersection for a few years now.

The property was the site of a 2022 condominium conversion proposal which sought to add new levels to the heritage-protected structure. This vision was ultimately scrapped following the site's acquisition by Montreal-based Artifact Group this past April, marking the real estate firm's first Toronto land deal.

Since-scrapped 2022 plan to expand and convert the building into a condominium development. PARTISANS.

Artifact Group stated earlier this year that "The property will be repositioned through an adaptive reuse strategy into a 162-key lifestyle luxury hotel under Marriott International's Tribute Portfolio brand, with a focus on design, wellness, and elevated guest experience."

And, months later, it seems that plan is very much in motion.

Most recently, a building permit was filed and accepted by City staff on July 27, signalling that the hotel conversion is imminent.

Artifact Group announced this past spring that it intends to begin construction during the first quarter of 2027, and anticipates an opening in 2028.