Toronto Plaza Hotel, located at 1677 Wilson Avenue (formerly Ramada and a Days Inn) has been sold, announced CBRE Hotels.
The hotel had not operated as a traditional one since February 2016 with the City of Toronto leasing the rooms to help shelter the homeless and refugees. According to CBC, despite the city paying millions to rent the facility, the hotel still faced financial problems and its owner (Virk Hospitality Corp.) fell under receivership after failing to make good on mortgage payments for the hotel.
CBRE was retained by Grant Thornton Limited in its capacity as receiver of Virk Hospitality in the sale.
According to the announcement, CBRE generated multiple offers, with the ultimate buyer having no conditions and the ability to close the transaction expeditiously.
The hotel features an indoor pool, hot tub, sauna, business centre and outdoor courtyard.