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Cushman & Wakefield Arranged Sale and Project Financing for Riu Hotels & Resorts’ Urban Hotel Line, Riu Plaza in Toronto

February 08, 2019

Spain-based hotelier investing over $100 million in hotel development in downtown Toronto

TORONTO--(BUSINESS WIRE)-- Cushman & Wakefield (NYSE: CWK) has arranged the sale and secured project financing to support the launch of Spain-based Riu Hotels & Resorts’ (Riu) urban hotel line, Riu Plaza, in downtown Toronto. Brokered by Curtis Gallagher, Vice President, Globe Hospitality, and Moshe Elyovich, Vice President Global Hospitality, Riu will invest over $100 million into Toronto’s newest urban hotel.

The new mixed-use hotel, retail, and residential development will have two towers. One tower will be exclusively residential and the other will include the 350-guestroom hotel, meeting rooms, a gym, bar and restaurant, retail and upper residential floors.

“Investor demand to acquire well-positioned hotel assets in downtown Toronto has been extremely competitive because there is great value in owning world-class assets in dynamic metropolitan cities that are experiencing remarkable growth,” said Gallagher. “This was a significant opportunity for Riu to enter the Canadian market in one of the country’s strongest performing cities.”

This sale comes off a strong year for investor interest in Canadian commercial real estate assets. Canadian hotel investments in 2018 accounted for $1.3 billion, with Ontario assets comprising over 40% of the volume. Downtown Toronto Occupancy and Average Daily Rates are 78% and $248.27 respectively. Rounding out 2018, the hospitality sector in Canada saw 5.3% Revenue per Available Room (RevPAR) growth year-over-year according to STR data.

“The hotel sector has been experiencing exceptional performance in almost all key markets across Canada and our stable economy is favourably viewed by foreign investors,” adds Gallagher. “I would expect to see strong performance and interest continuing throughout 2019.”

Slated to open in 2021, this will be the first Riu hotel in Canada.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit or follow @CushWake on Twitter.

Source: Cushman & Wakefield

Edna Canning-Park
Communications Manager – Canada
+1 416 359 2581

Source: Cushman & Wakefield

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