Pacific Reach and Dilawri Group of Companies acquired The Ritz-Carlton, Toronto from Cadillac Fairview. Other terms and conditions were not disclosed.
As equal partners, Pacific Reach will take on the role of asset-manager. Marriott International will continue to manage the hotel under The Ritz-Carlton brand without disruption to operations.
“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 the exceptional reputation of The Ritz-Carlton, Toronto,” Azim Jamal, CEO and founder of Pacific Reach, said in a statement. “This partnership with Dilawri represents our shared vision of excellence, as we take steps to further enrich the guest experience and continue the Ritz-Carlton’s legacy as one of the most prestigious luxury hotels in Canada.”
“The Ritz-Carlton, Toronto is a true luxury landmark in the heart of downtown,” said Kap Dilawri, co-founder of Dilawri. “We are proud to help steward this iconic property and remain committed to honouring its legacy while ensuring it continues to thrive as a cornerstone of Toronto’s luxury and hospitality landscape. This acquisition also marks an exciting milestone in our dedicated investment division, as we expand our portfolio focused on real estate and strategic, diversified holdings.”
Planned enhancements to the property will include updates to the spa and wellness amenities, common areas, and conferencing spaces.
A team led by Josh Sprague at Norton Rose Fulbright LLP acted as legal advisor to Pacific Reach. Farris LLP, led by Duncan Reid, acted as legal advisor to Dilawri. KPMG LLP served as tax advisor to the partnership. CBRE acted as advisor to the vendor.