The Sheraton Centre Hotel in Toronto's downtown core has been purchased in a $335-million landmark deal by an arm of Brookfield Asset Management, which says it sees potential for more hospitality acquisitions in Canada. Brookfield is not currently looking at other hotel acquisitions in Toronto, but there is potential for other transactions across Canada, he added. Bill Stone, CBRE's executive vice-president of its hotel division, says the Sheraton was highly sought-after and had interest from foreign buyers as well. The Sheraton deal now makes the 2015 purchase of the 511-room Westin Bayshore hotel in Vancouver for $280 million the second-biggest in Canadian history. The third-most lucrative transaction was the $225 million purchase of the Four Seasons hotel in Toronto in 2016.

Source: CBC News October 27, 2017 17:13 UTC