“I do think this sale is the first of several higher-profile properties we’re going to see this year,” said Bill Stone of the commercial real estate company CB Richard Ellis. According to The Globe and Mail, there are about $650-million worth of hotel listings in Canada as sellers look to get out just as the sector appears to be recovering from the recession.
The Sutton Place chain’s two other hotels in Toronto and Chicago are not part of the Northland deal; both are still up for sale and will continue operating under the Sutton Place banner.
Northland Properties, founded in 1963 by its chairman Bob Gaglardi, operates 45 Sandman hotels across the country.
