TORONTO — Oxford Properties is the new owner of the 346-room Park Hyatt Toronto hotel.
The Toronto-based Oxford Properties purchased the property from an affiliate of Hyatt Hotels Corporation for approximately US$90 million, or US$260,000 per key. “Oxford’s acquisition of Park Hyatt Toronto is in line with our stated strategy of owning highly visible, luxury and upper upscale assets with prime locations in key markets with high barriers to entry,” said Michael Kitt, EVP, Canada, Oxford Properties Group. “We look forward to working together with Hyatt on a significant hotel renovation in line with the prestige of the brand and location.”
The Park Hyatt features a Stillwater Spa, The Roof Lounge, Annona restaurant and 17,000 sq. ft. of meeting space. Oxford plans to allocate US$25 million in capital expenditures during the next five years. A Hyatt affiliate will continue to operate the hotel under a new hotel services agreement.
In other company news, Hyatt Hotels Corporation, based in Chicago, will be relocating its global head office to 150 N. Riverside Plaza in Chicago. The company will begin to transition its employees to the new office in 2017.