Canadian firm Northland Properties has purchased King Blue, an upscale and modern boutique hotel being built in Toronto, Canada.
King Blue Hotel has been acquired from real estate developer Greenland Group Canada for an undisclosed amount.
The hotel is designed to suit the needs of business and leisure travel guests.
King Blue Hotel is currently in the final stages of construction. It is slated to open this autumn.
Greenland Group Canada general manager Henry Cao said: “We are pleased to have completed the final stage of this exciting development and wish Northland much success with the hotel.
“It is a special location in such a culturally dynamic city, and the hotel will be a great addition to the Toronto market for both business and leisure guests.”
Located within the seven-story tower of the King Blue Condominium Complex, King Blue Hotel features 118 luxury guest rooms and suites and other upcoming amenities including premium onsite restaurant, meeting and social spaces.
The hotel also has fully equipped recreational facilities together with a rooftop terrace offering views of King Street West and Blue Jays Way.
The front-facing exterior of the property includes the Canadian Westinghouse Company Building’s original six stories. The building was constructed in 1927.
Northland Properties CEO Tom Gaglardi said: “Northland’s acquisition of the King Blue Hotel is a great addition to our family-owned portfolio of hotels, restaurants, resorts and sports assets.
“With an existing collection of 60 hotels across five countries, this impressively constructed hotel serves as a landmark expansion at an important address in Toronto’s Entertainment District.”
Canadian law firms Stikeman Elliott and Blake, Cassels & Graydon acted as legal counsel for Northland Properties and Greenland respectively.
Colliers Hotels served as exclusive real estate advisors in relation to the deal.