Pacific Reach and Dilawri Group have partnered to acquire The Ritz-Carlton luxury hotel in Toronto, Canada, for an undisclosed amount.
As co-owners, Pacific Reach will assume the role of asset manager and collaborate closely with Dilawri.
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Marriott International will maintain the management of the hotel under The Ritz-Carlton brand to ensure uninterrupted service.
Pacific Reach CEO and founder Azim Jamal said: “We are thrilled to acquire The Ritz-Carlton, Toronto and leverage our years of experience owning and operating luxury hospitality assets, including the Rosewood Hotel Georgia, to build on the exceptional reputation of The Ritz-Carlton, Toronto.
“This partnership with Dilawri represents our shared vision of excellence, as we take steps to further enrich the guest experience and continue the Ritz-Carlton’s legacy as one of the most prestigious luxury hotels in Canada.”
The partners have also revealed plans for the property that include upgrades to the spa and wellness facilities, communal areas, and conference spaces.
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By GlobalDataThese improvements are designed to refine the Ritz-Carlton experience further, meeting and surpassing the expectations of both leisure and business travellers.
Dilawri co-founder Kap Dilawri said: “The Ritz-Carlton, Toronto is a true luxury landmark in the heart of downtown.
“We are proud to help steward this iconic property and remain committed to honouring its legacy while ensuring it continues to thrive as a cornerstone of Toronto’s luxury and hospitality landscape. This acquisition also marks an exciting milestone in our dedicated investment division, as we expand our portfolio focused on real estate and strategic, diversified holdings.”
With a team led by Josh Sprague, Norton Rose Fulbright provided legal counsel to Pacific Reach. Farris served as legal adviser to Dilawri under the guidance of Duncan Reid.
KPMG acted as tax adviser and CBRE advised the vendor in the transaction.
