{"id":1004154247,"date":"2016-10-04T00:00:41","date_gmt":"2016-10-04T08:00:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004154247"},"modified":"2021-05-14T21:27:41","modified_gmt":"2021-05-15T05:27:41","slug":"four-seasons-toronto-sale-sets-canadian-hospitality-record","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/four-seasons-toronto-sale-sets-canadian-hospitality-record\/","title":{"rendered":"Four Seasons Toronto Deal Sets Canadian Hospitality Record"},"content":{"rendered":"<p>By Gail Kalinoski<\/p>\n<div id=\"attachment_1004154283\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Four-Seasons-Toronto.jpeg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004154283\" data-attachment-id=\"1004154283\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/four-seasons-toronto-sale-sets-canadian-hospitality-record\/four-seasons-toronto\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Four-Seasons-Toronto.jpeg\" data-orig-size=\"1280,720\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Four Seasons Toronto\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Four Seasons Toronto&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Four-Seasons-Toronto.jpeg?w=1024\" loading=\"lazy\" class=\"wp-image-1004154283 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Four-Seasons-Toronto.jpeg\" alt=\"Four Seasons Toronto\" width=\"300\" height=\"169\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Four-Seasons-Toronto.jpeg 1280w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Four-Seasons-Toronto.jpeg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Four-Seasons-Toronto.jpeg?resize=768,432 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Four-Seasons-Toronto.jpeg?resize=1024,576 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004154283\" class=\"wp-caption-text\">Four Seasons Toronto<\/p><\/div>\n<p><strong>Toronto\u2014<\/strong>The sale of the Four Seasons Hotel Toronto for C$225 million, or about US $171 million, has set a record for the highest single-asset price per room transaction in Canadian history. The hotel was purchased by Shahid Khan, who is expanding his international sports and business holdings to include hospitality, from <a href=\"https:\/\/www.kingdom.com.sa\/\" target=\"_blank\" rel=\"nofollow noopener\">Kingdom Holding Co<\/a>.<\/p>\n<p>Khan, who is the owner of the NFL\u2019s Jacksonville Jaguars and London\u2019s Fulham Football Club, as well as the founder of Urbana, Ill.-based Flex-N-Gate Group, bought the four-year-old, 259-key <a href=\"https:\/\/www.commercialsearch.com\/news\/hotel\" target=\"_blank\" rel=\"noopener\">hotel<\/a> in downtown Toronto through various family holdings.<\/p>\n<p><a href=\"https:\/\/www.us.jll.com\/united-states\/en-us\" target=\"_blank\" rel=\"nofollow noopener\">JLL<\/a> arranged the sale on behalf of KHC with senior vice presidents Mark Sparrow and Luke Scheer leading the team on the transaction, with international marketing support led by JLL America\u2019s CEO Arthur Adler and Global Hotel Desk Leader Gilda Perez-Alvarado.<\/p>\n<p>\u201cThe size of this transaction exemplifies the strength of the Canadian lodging market, with Toronto, as an international gateway market, experiencing particularly strong hotel fundamentals and global interest,\u201d Sparrow said in a statement.<\/p>\n<p>KHC, founded and chaired by Saudi Prince Alwaleed bin Talal, owns a 47.5 percent stake in Four Seasons Hotels and Resorts, which will continue to manage the hotel in Toronto\u2019s Yorkville section. A leading luxury hospitality company, Four Seasons&#8217; other stakeholders are Bill Gates\u2019 Cascade Investment (47.5 percent) and company founder Issy Sharp, who owns five\u00a0percent.<\/p>\n<p>\u201cThis transaction marks yet another success for KHC\u2019s value realization strategy from our high-quality hospitality investments,\u201d Alwaleed said in a prepared statement. \u201cWe are particularly glad to be passing ownership of this property to Shahid Khan who is known for his passion for the Four Seasons brand.\u201d<\/p>\n<p>Khan, whose automotive parts company operates 11 plants in Ontario, Canada, said he fell in love with Toronto many years ago after traveling there on business.<\/p>\n<p>\u201cFour Seasons Hotel Toronto is at the heart of what makes Toronto a world-class destination,\u201d said Khan, who described his admiration and respect for the brand as \u201cdeep and immense.\u201d<\/p>\n<p>\u201cThe importance and prestige associated with Four Seasons Hotel Toronto is something that I fully appreciate and, in fact, inspired me to explore whether this dream had the potential of becoming a reality,&#8221; he said in a prepared statement.<\/p>\n<p><em><a href=\"https:\/\/www.reuters.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Reuters<\/a><\/em> reported the sale came as the weak Canadian dollar is attracting more foreign investors to seek assets in Canada, including real estate.<\/p>\n<p>\u201cThe property\u2019s prominent location and proximity to Four Seasons\u2019 global headquarters generated a depth of international investor interest,\u201d JLL\u2019s Sparrow noted.<\/p>\n<p>The hotel, which opened in 2012, features an award-winning Caf\u00e9 Boulud restaurant and a 30,000-square-foot spa. It lies\u00a0within walking distance of the city\u2019s most desirable retail, restaurants, art galleries and museums.<\/p>\n<p>In addition to maintaining its stake in the Four Seasons hotel management company, KHC also has major interests in AccorHotels and M\u00f6venpick Hotels &amp; Resorts. Its hospitality portfolio also includes the Four Seasons Hotel George V in Paris, The Plaza in New York City, The Savoy in London and other assets across the Middle East, Asia and Africa.<\/p>\n<p><em>Image courtesy of Four Seasons<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The $171 million sale marks the highest single-asset price per room transaction in Canadian history.<\/p>\n","protected":false},"author":1068,"featured_media":1004154283,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,16,21742],"tags":[],"class_list":["post-1004154247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-international","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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