Pacific Reach and Dilawri Group have jointly acquired the Toronto Ritz-Carlton hotel with plans to upgrade some of the high-end amenities at the 14-year-old downtown venue. The vendor, Marriott International, will continue to manage and operate the hotel under its luxury brand.

Pacific Reach, a Vancouver-based investment firm, will now serve as asset manager, in keeping with its 35-year track record of acquiring, developing and owning hotel, commercial and multifamily properties throughout Canada and the United States. Dilawri Group is one of Canada’s largest automotive retailers, but the private company has strategic interests in real estate and other diversified holdings.

“We are proud to help steward this iconic property,” says Kap Dilawri, the company’s co-founder. “This acquisition also marks an exciting milestone in our dedicated investment division, as we expand our portfolio.”

“This partnership with Dilawri represents our shared vision of excellence, as we take steps to further enrich the guest experience and continue the Ritz-Carlton’s legacy as one of the most prestigious luxury hotels in Canada,” concurs Azim Jamal, chief executive officer and founder of Pacific Reach.