Ritz-Carlton, Cadillac Fairview and Graywood Developments create joint venture for Toronto luxury hotel and condominium
Joint venture a historic first for The Ritz-Carlton Hotel Company, L.L.C.
Cadillac Fairview to build 48-storey office tower beside Toronto's first five-star hotel
TORONTO, Sept. 26 /CNW/ - The Ritz-Carlton Hotel Company of Chevy Chase, Md., Graywood Developments Ltd. and The Cadillac Fairview Corp. Ltd., of Toronto, announced today the three companies will jointly own The Ritz-Carlton Hotel and Residences Toronto.
The 53-storey Ritz-Carlton Hotel and Residences, Toronto will be the first Ritz-Carlton Hotel and Residences in Canada and the first five-star hotel in Toronto. The $325-million tower will be built on the south side of Wellington Street, between Simcoe and John Streets.
Previously, the development role for Ritz-Carlton was limited to the hotel portion of the combined luxury hotel and condominium building. Under the new ownership structure announced today, Ritz-Carlton becomes a joint-venture partner in the entire building, including the condominium residences.
"This is a first for Ritz-Carlton in the world and is indicative of our
confidence in this project and the strength of this location," said Simon Cooper, chief operating officer and president of The Ritz-Carlton Hotel Company. "The demand for luxury hotels is tremendous right now, and is especially strong in cosmopolitan areas, financial centres and gateway cities like Toronto."
The slim and elegant tower with its striking design - above the 26th floor, the building grows wider as it rises - will have 267 five-star hotel rooms on storeys six to 20. Storeys 22 to 52 will contain 135 luxury condominium residences and a five-storey podium will contain conference and meeting facilities, fine-dining restaurants and a 2,000-square-metre, full-service spa.
Cadillac Fairview president and chief executive officer Peter Sharpe revealed today that the company will develop a 48-storey, Class AAA office tower with 1.2 million sq. ft. of commercial space on land immediately to the east of The Ritz-Carlton Hotel and Residences Toronto.
At an estimated construction value of $400 million, the office tower will
complement the existing Simcoe Place at the northwest corner of Simcoe and
"At Cadillac Fairview, part of our core business is to develop
best-in-class retail, office and mixed-use developments in unique, dynamic
urban centres," said Sharpe. "This site is adjacent to Toronto's financial and
entertainment districts. And, the office tower will stand right beside The
Ritz-Carlton, providing a built-in clientele for the hotel."
The office development will create more than 1,700 construction jobs and
bring approximately 500 full and part-time positions to downtown Toronto.
Cadillac Fairview anticipates the office tower will be ready for occupancy in
Construction of The Ritz-Carlton Hotel and Residences Toronto will create
approximately 1,500 construction jobs and more than 500 permanent, full-time
jobs. Construction will start in 2006 and completion is scheduled in 2009.
Destined to be a Toronto landmark with its striking, modern architecture,
the 700,000 sq. ft. Ritz-Carlton Hotel and Residences Toronto was jointly
designed by Kohn Pedersen Fox (KPF) Associates Architects and Planners, based
in New York and Toronto-based Page & Steele Architects.
The condominium sales office for The Ritz-Carlton Hotel and Residences
Toronto opens on the site in early October. Most suites will range in price
from $1 million to more than $3 million and in size from 2,000 to more than
3,000 sq. ft.
The Ritz-Carlton Hotel Company, L.L.C., of Chevy Chase, Md., (USA)
operates 59 hotels in the Americas, Europe, Asia, the Middle East and Africa.
It is the only service company to have twice earned the Malcolm Baldridge
National Quality Award, which recognizes outstanding customer service. Since
2001, The Ritz-Carlton has successfully opened 23 hotel and resort properties,
an expansion program driven by the company's philosophy of gradually evolving
to accommodate the changing needs of a clientele seeking more contemporary
design standards and a less formal, more relaxed atmosphere of elegance.
The Cadillac Fairview Corp. Ltd. is one of North America's largest
investors, owners and managers of commercial real estate. Cadillac Fairview
focuses on high quality retail centres and office properties in Canada and the
United States and also oversees equity investments in real estate companies
and international investment funds. With a portfolio valued at approximately
$11 billion, Cadillac Fairview and its affiliates own and manage 89
properties, including some of Canada's landmark developments such as the
Toronto-Dominion Centre, the Toronto Eaton Centre, Pacific Centre, Carrefour
Laval, Chinook Centre and Sherway Gardens. Cadillac Fairview is wholly owned
by the Ontario Teachers' Pension Plan.
Graywood Developments Ltd. has completed major residential, commercial,
office and hotel projects in both Canada and the United States. In the Greater
Toronto Area, the company's condominium developments include Number One York
Quay, Landmark of Thornhill and 370 King West.
For further information: David Eisenstadt, Rhoda Eisenstadt,
Beth Merrick, The Communications Group Inc., (416) 696-9900,
Vivian Deuschl, The Ritz-Carlton Hotel Company, L.L.C., (703) 941-6225,
; Neil Murphy, Cadillac Fairview Corp. Ltd.,
(416) 598-8645, firstname.lastname@example.org