TORONTO — A subsidiary of White Plains, N.Y.-based Starwood Hotels & Resorts Worldwide Inc. has purchased a 50% interest in the 1,377-room Sheraton Centre Toronto Hotel for $48 million from Metropolitan Marine Way Investments Ltd., a subsidiary of Metropolitan Life Insurance Co.
Toronto-based Colliers International Hotels brokered the sale. Bill Stone, executive managing director for Colliers, said the sale is proof of increased buyer confidence in the Canadian real estate market.
Located in Toronto’s financial district, the Sheraton Centre is the second-largest hotel in Canada and is connected to more than 1,000 underground shops and restaurants The hotel features 74 suites, three restaurants, two lounges, an indoor/outdoor pool and 84,000 sq. ft. of meeting space.