TORONTO — The Toronto hotel/condo project King Blue, which will commence construction in the city’s trendy King Street West neighbourhood, has been snapped up by Chinese property developers, reports The Star.
The project’s original owner Markham, Ont.-based Easton’s Group of Hotels reportedly reached a deal with Shanghai-based Greenland Holding Group Co., for an undisclosed amount of money. “They wanted a trophy project here, and it’s very difficult to find prime downtown sites now,” said Steve Gupta, president and CEO of Easton’s Group of Hotels. “We were ready to go, and they have just taken over from us.” Greenland has already made six acquisitions in countries such as the U.S., Australia, the U.K. and South Korea, since the beginning of the year.
The hotel and residential condo project will feature a 450-unit, 44-storey tower and a 425-unit and 48-storey tower designed by Toronto’s Munge Leung. Construction is set to begin next spring. [thestar.com]