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Pacific Reach and Dilawri acquire Ritz‑Carlton Toronto
Pacific Reach Properties and the Dilawri Group of Companies have acquired The Ritz-Carlton, Toronto, one of Canada’s best-known luxury hotels, in a joint partnership. The property will continue to operate under the Ritz-Carlton brand, managed by Marriott International.
Pacific Reach, which also owns the Rosewood Hotel Georgia in Vancouver, will act as asset manager for the 263-room hotel. The acquisition reflects both firms’ strategy to expand their holdings in the luxury hospitality and real estate sectors.
“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,” says Azim Jamal, founder and CEO of Pacific Reach. “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.”
Kap Dilawri, co-founder of the Dilawri Group of Companies, says the hotel is a “true luxury landmark” in downtown Toronto.
“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,” says Dilawri. “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 upgrades to the property include enhancements to the spa and wellness areas, public spaces and conference facilities, aimed at maintaining the hotel’s position as a leading destination for both leisure and business travellers.
Norton Rose Fulbright LLP, led by Josh Sprague, advised Pacific Reach. Farris LLP, led by Duncan Reid, advised Dilawri, with KPMG LLP as tax advisor and CBRE representing the seller.
Pacific Reach is a Vancouver-based diversified investment firm with more than 35 years of experience in real estate and hospitality across North America. Dilawri, founded in 1984, is Canada’s largest automotive group and also invests in real estate and other strategic holdings. Both companies operate charitable foundations supporting community initiatives.
