In the second big downtown hotel transaction of 2013, KWMC is paying Ivanhoe Cambridge $140M for the Toronto Hilton. (It’s entitled to steal one towel.)
Samir Manji, a KWMC board member and CEO of Amica Mature Lifestyles, confirmed the deal and says no changes are in the works. “It will continue to be a Hilton,” says Samir, whose brother Salim heads KWMC. “Our family led a consortium,” he said, adding it’s a long-term investment entirely separate from Amica (dispelling any crazy ideas the 601-room Hilton would become a giant seniors home). “It’s a jewel of an asset at a centre-ice location.” RealNet’s Richard Vilner tells us the hotel was built in 1975 and sold in 2006 for $106M. Ivanhoe said it won’t comment. The 427-room Metropolitan sold last month for $39.7M.
via Private Entity Buys Toronto Hilton – Real Estate Bisnow (Toronto).
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