(Source: Toronto Star)

On Monday, Blutrich’s Skyline International Development Inc. closed the deal on the iconic hotel [King Edward Hotel] – where the Beatles once stayed and where Richard Burton proposed to Elizabeth Taylor – for $48 million.

The Star has learned his partners include billionaire developer Alex Shnader, the man behind the Trump hotel [map]in Toronto, the Serruya family, founders of the frozen desert chain Yogen Fruz and powerhouse developers Dundee Realty Corp.

The hotel will remain under the management of Starwood Hotels & Resorts under the Le Meridien brand, but Blutrich says he and his partners plan to extensively renovate the property.

Details are still being worked out, but three floors, which are unoccupied and formerly used for commercial space, will be turned into as many as 140 luxury condominiums with a starting price of $700 per square foot.

Read Tony Wong’s full article “Refit for a King of hotels” in the Toronto Star (March 8, 2010).

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