Sale of Prime Downtown Toronto Landholding: Metro Toronto Convention Centre (North Building) Intercontinental Hotel

Sale of Prime Downtown Toronto Landholding: Metro Toronto Convention Centre (North Building) Intercontinental Hotel

HLT Advisory Case Study

Sale of Prime Downtown Toronto Landholding: Metro Toronto Convention Centre (North Building) Intercontinental Hotel (2011)

Metro Toronto Convention Centre (North Building) Intercontinental Hotel (2011)

Sale of Prime Downtown Toronto Landholding

Canada Lands Company is a self-financing, federal Crown corporation mandated to ensure that former government properties are redeveloped or managed in accordance with their highest and best use.

Canada Lands controlled an entire city block with a prime location in Toronto’s central business district adjacent to the CN Tower, Rogers Arena and CBC broadcast centre. The block contained the north (and original) building of the Metro Toronto Convention Centre, the 277 Front Street office tower, the 586-room InterContinental Hotel and a 1,200 stall parkade. Canada Lands engaged a consortium comprised of CBRE, TD Securities and HLT Advisory to sell the land and hotel (the convention centre retains a lengthy land lease for the north building). HLT’s role was to assist potential purchasers understand the value and role of the convention centre on this well-located site and to identify additional value considerations.

The opportunity to purchase the site attracted extensive interest from within Canada and internationally. Oxford Properties purchased the site in 2011 for a price in excess of $225 million. Various proposals have been introduced for future development including “Oxford Place” in 2013 (where HLT was responsible for outlining potential convention centre expansion opportunities).