TORONTO, June 29, 2017 /CNW/ - InnVest Hotels LP ("InnVest Hotels") has acquired the tallest luxury hotel in Toronto from JCF Capital ULC ("JCF"). InnVest Hotels is a Canadian company that holds one of Canada's largest hotel portfolios. As part of the transaction, the 65-story, 261-room hotel will receive a significant renovation and a new name.
"The acquisition of this landmark hotel is in line with InnVest's long-term business strategy of acquiring high quality luxury properties," said Matthew Cornell, Vice President Investments of InnVest Hotels. "This acquisition underscores InnVest Hotels' commitment to expanding and diversifying our portfolio across Canada."
The hotel will be rebranded as The St. Regis Toronto after the initial phases of a planned renovation are complete. Prior to the full rebranding, the hotel will run as The Adelaide Hotel Toronto as the hotel undergoes a renovation of the lobby, guestrooms, public areas and food and beverage outlets.
The residences of the tower will be branded as The St. Regis Residences Toronto in early August when St. Regis takes over management of the condominium.
"This is the premium location in Canada, and remains one of Toronto's most highly sought-after real estate opportunities," said Jay Wolf, President of JCF Capital. "The St. Regis Residences will become the city's most desirable residential address, and under InnVest Hotel's stewardship, continue to deliver exceptional experiences to locals and visitors alike. We are very excited to partner with InnVest Hotels on this luxury property."
About JCF Capital ULC
JCF Capital ULC is the special purpose entity incorporated to facilitate the joint venture between Juniper Capital Partners LLC ("Juniper") and Cowie Capital Partners Inc. ("CCP") with respect to the Trump International Hotel & Tower in Toronto (the "Property"). Both Juniper and CCP are private investment firms focusing on real estate-anchored investments. In March of 2017 JCF was the successful bidder, through a court-approved sales process, on 211 hotel units, 74 residential units and most of the commercial, retail and amenity space at the Property.
About InnVest Hotels LP
InnVest holds one of Canada's largest hotel portfolio comprising over 90 hotel properties, with 12,000 rooms, operated under internationally recognized franchise brands. InnVest's hotels are managed by six hotel management companies. InnVest also partners with brands as a franchisee of brand licenses and reservation networks. InnVest's portfolio is operated under 18 internationally recognized franchise brands.
SOURCE JCF Capital ULC