TORONTO, June 30, 2017 – InnVest Hotels LP ("InnVest Hotels") has acquired the tallest luxury hotel in Toronto from JCF Capital ULC ("JCF"). InnVest Hotels is a Canadian company that holds one of Canada's largest hotel portfolios. As part of the transaction, the 65-story, 261-room hotel will receive a significant renovation and a new name.
"The acquisition of this landmark hotel is in line with InnVest's long-term business strategy of acquiring high quality luxury properties," said Matthew Cornell, Vice President Investments of InnVest Hotels. "This acquisition underscores InnVest Hotels' commitment to expanding and diversifying our portfolio across Canada."
The hotel will be rebranded as The St. Regis Toronto after the initial phases of a planned renovation are complete. Prior to the full rebranding, the hotel will run as The Adelaide Hotel Toronto as the hotel undergoes a renovation of the lobby, guestrooms, public areas and food and beverage outlets.
The residences of the tower will be branded as The St. Regis Residences Toronto in early August when St. Regis takes over management of the condominium.
"This is the premium location in Canada, and remains one of Toronto's most highly sought-after real estate opportunities," said Jay Wolf, President of JCF Capital. "The St. Regis Residences will become the city's most desirable residential address, and under InnVest Hotel's stewardship, continue to deliver exceptional experiences to locals and visitors alike. We are very excited to partner with InnVest Hotels on this luxury property."
