(Source the Toronto Star)
Developer Steve Gupta is opening hotels across the Greater Toronto Area at a furious rate.
That makes him either the most foolhardy hotelier in the city, or possibly the smartest.
Gupta is charging ahead despite a recession that has hurt business travel. Then there’s the strong Canadian dollar and new passport regulations that have torpedoed American tourist traffic. And did we mention the threat of swine flu?
“I’m an optimist,” Gupta says. “I really feel that the economy will turn around, that people will start travelling again.”
Gupta has bet big in the past, but not like this. At the end of July he will re-launch his Comfort Inn on Jarvis St. into a Hilton property after a $4 million renovation. In April he unveiled his $60 million Hilton Garden Inn in the downtown entertainment district. By the end of this year he will have built two more hotels, with others slated for completion next year.
Read the full article “Making rooms with a view to the future” by Tony Wong in the Toronto star (July 17, 2009).