Downtown Toronto's Hotel Inventory Set to Rise!
In the near future, downtown Toronto’s hotel inventory will increase with the completion of three highly anticipated new hotels that feature a combined total of 575 rooms. While their opening was delayed due to supply-chain issues, labor shortages in the construction industry, and other development complexities, these hotels are finally set to open in the coming months, much to the delight of hotel enthusiasts.
The Easton’s Group of Hotels teamed up with Hilton to launch Canada's first Canopy by Hilton in Yorkville, offering a luxurious 184-room hotel situated in a 55-floor mixed-use development at 387 Bloor St. East.
Meanwhile, Spanish hotel operator RIU Hotels & Resorts is set to launch their 353-room hotel as part of the two-tower mixed-use development in the Entertainment District that spans Adelaide and Widmer. Not far away, the Madison Group's Nobu Hotel Toronto will offer 36 high-end rooms within the King West neighborhood.
What truly sets these new hotels apart is their blend of hospitality and space for permanent residents - a trend with staying power. Moreover, adding residential density helps tackle Toronto's severe housing shortage while streamlining planning permissions. Lenders prefer mixed-use developments that benefit from lower interest rates, as risk is spread across different property types.
Other upcoming hotel developments include the Hyatt Place Toronto - Downtown/Jarvis Street and the Andaz Toronto, both with residential components. The addition of these new hotels is a breath of fresh air for downtown Toronto, where several ageing hotels have been shut down in recent years to be repurposed as supportive housing. It's believed that the new inventory will quickly be absorbed, especially since Toronto is set to host more city-wide events than a typical year.