- What CBRE is marketing a suite-style hotel on behalf of Centennial Hotels
- Why The valuation for the 231-room hotel is approximately $649,000/room
- What next A development application has been submitted to replace the hotel with a 71-storey, mixed-use residential tower
The Cambridge Suites Toronto is on the block for approximately $150m, Green Street News can reveal.
The valuation for the 231-room, suite-style hotel, at 15 Richmond Street East, comes out to roughly $649,000/room. Owner Centennial Hotels, which built the 21-storey hotel in 1990, has given the listing to CBRE.
In 2022, Centennial submitted a development application to the City of Toronto to redevelop the site as a 71-storey, mixed-use residential building.
The proposal includes retaining the existing hotel but removing the roof and exterior cladding and widening the structure. A 51-storey tower with 565 residential units would be built on top, while the bottom floors would have retail space. Architectural plans were prepared by WZMH Architects, which designed the hotel.
A buyer could keep the Cambridge Suites as a going concern or use the redevelopment plans. They have not yet been approved by the Toronto City Council.
The hotel is near the corner of Yonge Street and Richmond Street East on the cusp of the financial district. It’s connected to the PATH and is near several transit lines, including the Queen subway station, and tourist attractions such as the Eaton Centre and Scotiabank Arena.
The property has a fitness centre, a boardroom and three meeting rooms. Labour is unionized.
According to Colliers’ INNvestment Canada Hotel Report, hotel transactions in Q1 totaled approximately $750m, up 131% year over year. The average per-room price in the period was $168,000, a 12% annual increase.
Notable hotel transactions in 2024 include Morguard’s sale early this year of 14 hotels in Ontario and Halifax to InnVest Hotels and Manga Hotel Group for $410m, or $182,400/room. InnVest bought 10 of the properties for $179,000/room, while Manga took the other four at $193,700/room.
Also this year, the 120-room Hilton Garden Inn Sudbury traded for $250,000/room, and the 236-room Sheraton Ottawa Hotel sold for $183,000/room.