Westin Harbour Castle

• Location: Toronto, ON

Sold for $296M

This full-service conference hotel has been an icon in downtown Toronto for decades although it was somewhat isolated for years after construction. As the financial core and waterfront areas surged with development this hotel became central within the sprawl offering exceptional undisturbed views of the lake and city core. With 977 guest rooms spread over two towers and situated on two separate land parcels one of which was subject to a land lease with the city of Toronto, the hotel presented significant future potential.

The focus of the marketing strategy was on the changing dynamic of the immediate area as several residential and commercial developments were well underway with many more to come. This would bode well for the future performance of the hotel and present opportunities to unlock development value on both land parcels despite one being subject to a land lease. We included all the top development companies active or interested in downtown Toronto along with the hotel investment community to create a broad competitive pool of potential bidders. After two rounds of competitive bidding a well-capitalized domestic investor acquired the hotel.