TORONTO — In what is being called the largest-ever single-hotel transaction in Canada, an arm of Brookfield Asset Management has purchased The Sheraton Centre Hotel in downtown Toronto for $335 million, according to BNN.
The purchase also marks Toronto-based Brookfield’s first push into the hospitality sector at home. The alternative asset-management conglomerate’s hospitality portfolio has largely been focused on the U.S., but also includes assets in the U.K. and the Atlantis Hotel in the Bahamas.
Brookfield Asset Management has noted that it sees potential for more hospitality acquisitions in Canada.
The four-star hotel was purchased by a Brookfield-sponsored private-real-estate fund and will continue to be operated by Marriott. The City of Toronto continues to own the land on which the hotel sits.
The Sheraton Centre features 1,372 guestrooms and is located in Toronto’s financial district, close to City Hall. It also has more than 12,000 sq.-metres of meeting and event space. The hotel recently completed a $110 million renovation, including guestroom refurbishments.