Toronto’s “trophy” tower, the Ritz-Carlton, has just been sold

The lavish Ritz-Carlton on Wellington has two new owners, Pacific Reach of Vancouver, which will focus on asset management, and the Toronto-based automotive giant Dilawri Group, which will focus on upgrades. The corporate bedfellows purchased the five-star hotel-condo combo from Cadillac Fairview last week for an undisclosed price. Operations will still be managed by Marriott International under the Ritz-Carlton brand

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“This was one of the most expensive transactions in the country on a per-room basis,” says Monique Rosszell, senior managing partner at HVS, a global consulting firm focused on hospitality.

Rosszell says the 53-storey tower, which stands a block from the CN Tower and steps from King West, “is a trophy asset”—these types of properties don’t go up for sale often. “It was the first true five-star hotel in Toronto.” She adds that attractive hotels such as these are often sold when investors want to deploy their money elsewhere, to a different asset or a different country.

Pacific Reach’s CEO and co-founder, Azim Jamal, said in a press release that he wants to continue the Ritz-Carlton’s reputation of excellence.

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Debuting in 2011, the Ritz-Carlton Toronto helped transform a dreary stretch of Wellington into a bustling commercial and entertainment centre. Its proximity to TIFF, bars, restaurants, nightclubs and fellow luxury properties has made it a favourite among celebrities and international tycoons alike.