A Toronto hotel currently housing some 500 homeless people and asylum seekers is being sold to a private developer, CBC Toronto has learned. However, Virk Hospitality was forced into receivership amid alleged financial irregularities, which resulted in the Plaza being put up for sale. "When the sale of the Toronto Plaza Hotel property closes, the city will be in a position to work with the new owner. Why hotel was soldThe hotel was owned by Toronto-based Virk Hospitality. Virk Hospitality fell under receivership after failing to make good on mortgage payments for the hotel.

Source: CBC News March 05, 2019 15:56 UTC