March 10, 2010
Skyline International Development Inc. has bought Toronto’s iconic King Edward Hotel for $48-million and plans to renovate the property extensively.
According to the Toronto Star, the acquisition partners include billionaire developer Alex Shnaider, the man behind the Trump hotel in Toronto; the Serruya family, founders of the frozen dessert chain Yogen Fruz; and developers Dundee Realty Corp.
A mainstay of incentive travel groups and meeting planners alike, the King Eddie hotel will remain under the management of Starwood Hotels & Resorts under the Le Meridien brand, but plans are afoot to renovate the property extensively.
Details are still being worked out, but three floors, which are unoccupied and formerly used for commercial space, will be turned into as many as 140 luxury condominiums.
For more info, visit The Toronto Star’s site
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