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The GEC Granville Suites Hotel sells to unnamed hotelier and developer
The GEC Granville Suites Hotel, Toronto, Ont. has sold to an unnamed local hotelier and real estate developer for approximately $70 million—according to real estate services firm Avison Young.
The sale signifies a 79 per cent increase in the property’s value since its acquisition in 2015, and located in the city’s downtown on Granville and Drake streets — the hotel was bought by GECC in 2015 for $39 million.
Additionally, the company states it’s the largest hotel sale in the city since 2017. The 143-suite, 12-storey building was previously owned by education and student housing investment company Global Education Communities Corp. (GECC), and will remain a hotel under the new ownership.
