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Le Meridien King Edward Hotel

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Le Meridien King Edward Hotel 

Sales Date: March 2010
Keys: 298
Price: $48,000,000
Client: Starman Hotels
Buyer: Skyline International Development JV Dundee REIT & High-Net-Worth Capital
Cap Rate: 2.6%

Colliers Hotels' Toronto and London UK offices acted on behalf of Starman Hotels in the sale of this 298-room hotel in downtown Toronto. Spanning one full city block, facing King Street East the property is improved by an 18 storey tower and eight storey main building. At the time of sale, three full floors of the property, with a total gross floor area of approximately 120,000 SF, had been vacant since 2005. The purchaser, a local developer, has subsequently sold luxury condominium units on the vacant floors and has plans to restore the 8,000 SF Crystal Ballroom, in addition to re-configuring the ground floor retail space to accommodate a new luxury restaurant/bar.

Colliers actively solicited international investors, although it was a local investment partnership led by Skyline International Development that attributed premium pricing to the re-development component of the offering. 

For More Information, Please Contact:

Robin McLuskie

Managing Director | Hotels

Toronto Downtown

Robin has been with Colliers since 2003 and is responsible for hotel and resort investment sales, business development and client management. As Managing Director of Canadian hotel brokerage operations, she is an industry leader representing Canada's largest hotel owners, focusing on developing long-term client relationships and helping to establish Colliers as the advisor of choice to institutional capital and private investors.

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