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Luxury Toronto hotel just sold and the price may have broken a record

The luxurious five-star Ritz-Carlton, Toronto hotel has officially been sold to a new ownership duo, following reports last year that the celebrity-frequented property was up for sale. Located at 181 Wellington St. W., the landmark hotel has been acquired by Pacific Reach, a Vancouver-based investment firm, and Toronto's Dilawri Group, Canada's largest automotive group. The transaction from Cadillac Fairview was completed last week for an undisclosed price. Despite the ownership change, the hotel will continue to operate under the Ritz-Carlton brand, managed by Marriott International, with no disruption to guest services. The two firms will serve as equal partners, with Pacific Reach taking on the role of asset manager, while Dilawri focuses on property enhancements. "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 th...


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