Two more landmark Canadian hotels have been put on the market. The Globe and Mail is reporting the iconic Royal York in Toronto and the Hotel Vancouver have been put up for sale by the the pension fund giant, the Caisse de dépôt et placement du Québec.
Ivanhoe Cambridge, which manages the real estate division of the company, now owns roughly 10 hotels as it continues to sell off its properties, which numbered around 70 a few years ago. In July 2013, the company announced The Fairmont Chateau Laurier Ottawa was for sale, with early reports pegging the price tag at an estimated $125 million or $291,000/room. In November, the hotel sold to Capital Hotel Limited Partnership, an affiliate of Vancouver-based Larco Investments for an undisclosed sum.
The Caisse doesn’t plan on selling its other high-profile Canadian hotels, the Queen Elizabeth hotel in Montreal and the Château Frontenac in Quebec City, which is currently undergoing a $70-million renovation.
Both the Fairmont Royal York Hotel and Hotel Vancouver, which is also run by Fairmont Hotels and Resorts, will likely continue to be run under the umbrella of the hospitality company.
The luxury hotels in Toronto and Vancouver have long histories. The Royal York Hotel, located at 100 Front St. W., opened in June 1929. Standing 28-storeys tall, it was the tallest building in the British Commonwealth at the time.
Known as the ‘Castle in the City,’ the Hotel Vancouver at 900 W Georgia St. dates back to 1939. It took 11 years to build as construction came to a halt for five years during the Great Depression.
Here’s a look back at the buildings:
The Royal York Hotel under construction, 1929.
Photo: Toronto Public Library
An aerial shot of Hotel Vancouver in 1945.
Photo: City of Vancouver Archives