Automation Gallery said:
Gee, 95 million for this doesn't make sense, i can see a 15-20s office bldg. and 35-40s hotel making more sense in the long run for the buyer,
same people here also though that the Chelsea hotel on Gerrard was untouchable
Click to expand...


Not surprised but, you do have an extremely poor memory. I don't see the connection between the properties either.

I think 33 Gerrard more than qualifies as a big ass proposal to make the replacement of the Chelsea worthwhile. It's just a rezoning application too.
 
Last edited:
If memory serves it was $53M for the purchase of the Primrose Hotel (Carlton/Jarvis), and that was converted & renovated from hotel/part student rentals to full student rental dorm rooms.
After HoJo's these buildings went on sale as a condo project in the mid'ish 90's. In a walk through, we saw how the rooms were (which was horrific) and what a model suite would look like. I guess they didn't sell, the project disappeared and the Marriott picked up the property & dumped in a ton of money to update the lobby and two buildings a year or so later.
 
^ So in other words, the buildings reached the end of their economic life, and were renovated massively. Anyone know the vacancy rates here?
 
dt_toronto_geek said:
If memory serves it was $53M for the purchase of the Primrose Hotel (Carlton/Jarvis), and that was converted & renovated from hotel/part student rentals to full student rental dorm rooms.
After HoJo's these buildings went on sale as a condo project in the mid'ish 90's. In a walk through, we saw how the rooms were (which was horrific) and what a model suite would look like. I guess they didn't sell, the project disappeared and the Marriott picked up the property & dumped in a ton of money to update the lobby and two buildings a year or so later.
Click to expand...

primrose was $43mm (not $53mm)
 
maestro said:
It's a REIT that specializes in hotel/inn properties. They didn't buy to shut the place down. For what? Supertall condo towers? What use are condos to a REIT?
Click to expand...

475 YONGE ST
Ward 27 - Tor & E.York District

Zoning By-law Amendment to facilitate the construction of a mixed-use building with retail, hotel, and residential uses. Two towers, 65 and 45 storeys, inclusive of a 5-storey podium
Proposed Use --- # of Storeys --- # of Units ---
Applications:
Type Number Date Submitted Status
Rezoning 16 125715 STE 27 OZ Mar 9, 2016 Application Received
 
I stand corrected. At the same time, it wouldn't surprise if it's just a zoning exercise. Good time to do it. Doesn't mean much until you see that building permit application. A REIT that secializes in hotels should have no interest in condos or offices. Possibly more parties involved that haven't been released. I was going by the information provided.
 
^ My feeling is rezoning app also, trying to find that legally permissible HABU. Look at Morguard with 50 Bloor. (Holt Renfrew tower)
 
From Robert Moffatt's fantastic Toronto Modern blog:

16939448606_b5bc9e45e5_b.jpg



westbury-hotel-1.jpg
 
You must log in or register to post here.

Back
Top