The Royal York Hotel is up for sale
Anyone with a significant amount of money to spare could become the owner of a Toronto landmark, because, as the Globe reports, the Royal York Hotel is up for sale. Its owner, Quebec’s public-pension manager, the Caisse de dépôt et placement du Québec, is exiting the hospitality business. In addition to the 85-year-old Royal York, the Caisse is unloading the Hotel Vancouver.
There are a couple things people wanting to jump-start their historic-hotel collections should know, though. For one, the reason the Caisse is selling the hotel is that hospitality is considered a relatively risky business, at least compared to other types of real-estate ventures. Also, it may not be possible for the new owner to slap his or her name on the facade immediately. Fairmont holds a long-term operating contract.