- What The Holiday Inn Toronto Airport East obtained a $30m refinancing loan
- Why The hotel underwent $8m in renovations in recent years
- What’s next The $130m corporate centre rising on the hotel’s property is nearing completion
The Holiday Inn Toronto Airport East has secured a $30m refinancing loan from Meridian Credit Union, Green Street News can reveal.
The financing on the 194-room hotel, at 600 Dixon Road, closed on May 10, records show. The borrower is hotel owner Sajed Rahaman. Markham-based CFO Capital arranged the deal.
The hotel underwent an $8m renovation just before the pandemic. Amenities include a pool, a gym, a restaurant, a lobby bar and over 5,000 sq ft of flexible meeting space.
Rahaman bought the Holiday Inn from Samm Developments in 2016 for $15.5m. Samm is building an 11-storey, mixed-use project behind the hotel that Rahaman owns via Regal Hotel Group.
![](https://greenstreetnews.com/tachyon/2024/06/regal-plaza.jpg?fit=1024%2C720)
Dubbed Regal Corporate Centre, the $130m development broke ground in September 2020, and exterior work is nearly complete. The building is slated to contain office and retail space as well as a 200-room Staybridge Suites hotel.