TORONTO — Colliers International Hotels has announced the sale of the Delta Toronto East hotel and associated development lands to Oshawa, Ont.-based Sunray Group.
The 6.9-acre property is the site of The Kennedys condo-community development, initiated by SAMM Developments. Development on the project halted in late 2017 when financial impropriety by Ali Akman, SAMM Developments owner and partner in Tarn Financial Corporation — the former owner of the property — was uncovered.
The multi-phase development project was set to feature three residential towers, including two yet unfinished condominium towers comprising 644 units, of which the majority had been pre-sold.
Colliers facilitated the sale of the property on behalf of KPMG LLP — the court-appointed liquidator of Tarn Financial Corporation.