LOCATION REPORT
TORONTO TAKES OFF - CONTINUED.
in terms of business and leisure travel.
“Toronto has the highest number of hotel rooms [40,000 and rising] in Canada and is home to North America’s third largest stock exchange,” points out Rey Stephen, Overseas Media Relations Officer, Ontario Tourism Marketing Partnership Corporation. “Tourism Toronto is targeting sophisticated urban travellers in major cities around the world, including the US, Europe, Asia and Latin America. In fact, the fastest-growing visitor markets are China, India, Brazil and Japan, illustrating its appeal internationally.” Meetings and conventions continue to play an important role too, with 2012 wins ranging from a worldwide Microsoft conference to a sports council. As part of this strengthening international
appeal, the city is experiencing a surge of luxury and boutique hotel launches, which began with Thompson Toronto in 2010, followed by Hôtel Le Germain Maple Leaf Square and The Ritz-Carlton in the first half of 2011. Continuing the trend, Trump International Hotel & Tower Toronto and Templar Hotel open their doors before the end of the year, with Shangri-La Hotels and Resorts and Four Seasons Hotels and Resorts adding their contributions in 2012. So why are upscale hospitality groups making their Canadian debuts or renewing their presence here? Considering the reinvigoration of downtown Toronto, where the majority of these new properties are based, Stephen continues: “This reflects the momentum of expansion of significant cultural institutions in the downtown core including the TIFF Bell Lightbox (new home of the Toronto International Film Festival). These projects along with major developments in residential and business towers have led to a thriving downtown area that is attracting prominent global hotel brands.” For the General Manager of Toronto’s most
exclusive contemporary five-star property, The Hazelton Hotel, there is a direct correlation between the arrival of new competition and a steady rebranding of the city. “All the construction you see around Toronto is a sign of stability – it shows that people feel safe putting their money here,” David Mounteer explains. “We have been seen in the past as a conservative, sleeper city, but Toronto now leads with its own trends, its own vibes. It has become a financial and cultural powerhouse. For me, the new five-star inventory simply raises the bar – it is a symbol of the city’s development.” Based in Bloor-Yorkville, an upscale neighbourhood renowned for its designer shopping, gastronomy and galleries, the 77-room Hazelton Hotel has been the pioneer of personalised five-star service, discreetly accommodating the likes of Lady Gaga, Elton John and TIFF attendees in art- filled surroundings – the collection includes pieces by Jeff Goodman, Sorel Etrog and William Fisk – matched by the largest rooms in Toronto. Its One Restaurant by Mark McEwan is still the place to be seen.
Fittingly the glamorous boutique hotel, now in its fourth year of operation, was one of the earliest hospitality projects for Canadian design duo Yabu Pushelberg who have since garnered an international reputation for their work. They are currently crafting the interiors of the new Four Seasons Hotel Toronto, situated on the same road in Yorkville, which will replace the brand’s existing 1970s structure. “There has been a desire for a brand new home in Toronto for the past 10 years because the infrastructure of our current hotel is restrictive,” says Dimitrios Zarikos, General Manager of Four Seasons Hotel Toronto. “We had an opportunity to move south of Bloor- Yorkville but we’ve been in the neighbourhood for thirty years now and intend to be part of its continuing development. The location is perfect, unique in terms of its architecture,
046 SEPTEMBER / OCTOBER 2011
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culture and residential feel.” Opening in summer 2012, the 55-storey glass and steel tower, designed by Architects Alliance, will be the tallest in the neighbourhood, accommodating 253 five-star hotel rooms, 30,000ft2
of spa and fitness facilities, multiple function spaces and a big-name restaurant. While Sleeper was in town, Menkes Developments announced that the penthouse in the residential component of the multi- use site had been purchased for $28 million, becoming the most expensive condominium sold in Canadian history. Further downtown, the 202-room Shangri- La Hotel Toronto, is also poised for a summer 2012 debut, occupying a 65-storey tower on University Avenue that has been designed by James KM Cheng Architects in joint venture with Hariri Pontarini Architects. Developing the property are Westbank Corp and the Peterson Group.
“A 3% increase in hotel supply for the first six months of 2011 is higher than we would expect to find in comparative US cities,” says Jan Freitag, Senior Vice President of Global Development at Smith Travel Research. “In the same period the city has achieved fairly steady growth of over 2.5% in demand but this is being masked by the additional supply so occupancy appears flat. With a large macroeconomic cloud looming, the city will be banking on retaining its high-end meetings and corporate business, as well as attracting the luxury leisure traveller. This particular leisure market has proven resilient during the downturn with travellers from BRIC countries still able and ready to spend.” And what other factors could maintain Toronto’s upward curve? “With such close proximity to the US, it is simply considered another American city so developers and players who need to part with their money can easily look to Toronto,” concludes Freitag. “Seen as less volatile than the US, Toronto could be a sleeping giant.”
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