- What Fairmont Royal York has secured $320m in financing
- Why CFO Capital brokered the loan
- What next The financing was completed on behalf of a fund controlled by KingSett Capital
Toronto’s Fairmont Royal York has secured $320m in financing, Green Street News can reveal.
The financing was completed on behalf of a fund controlled by KingSett Capital, with investors InnVest Hotels LP and TD Asset Management.
CFO Capital acted as the mortgage broker. The loan funded in March. Green Street News could not confirm the lender of the deal.
After extensive renovations completed in 2019, the Fairmont Royal York has 1,339 guest rooms and 123,000 sq ft of meeting and event space. Other additions include the Clockwork bar, Reign Restaurant and the Library Bar.
The Fairmont Royal York also has achieved a zero-carbon building — performance standard certification from the Canada Green Building Council.
In 2014, Innvest REIT, now called InnVest Hotels, as well as KingSett Capital and Ivanhoé Cambridge acquired an 80% interest in the Fairmont Royal York Hotel for $186.5m. They subsequently undertook $50m in renovations.
The parties involved declined to comment.
