Summary
Marriott International, Inc. (MAR) announced the sale of the Sheraton Centre Toronto Hotel, a 1,372-room property in downtown Toronto, for approximately C$335 million. This transaction was executed by a subsidiary of Marriott and the hotel is operated under a long-term ground lease. While the property has been divested, Marriott will continue to manage the hotel under a long-term management agreement, ensuring ongoing revenue streams from management fees. The sale is expected to be a positive step in optimizing Marriott's real estate portfolio.
Key Highlights
- 1Marriott International sold the Sheraton Centre Toronto Hotel for approximately C$335 million.
- 2The hotel is a 1,372-room property located in downtown Toronto, Canada.
- 3The sale was conducted by a subsidiary of Marriott.
- 4Marriott will retain a long-term management agreement for the hotel.
- 5The hotel will undergo significant renovations, primarily in the lobby and public areas.
- 6The property is owned on a long-term ground lease basis.
Frequently Asked Questions
Marriott International sold the Sheraton Centre Toronto Hotel, a 1,372-room property in downtown Toronto, for approximately C$335 million.
Yes, Marriott will retain a long-term management agreement for the hotel, continuing to manage its operations and generate revenue from management fees.
This sale is likely part of Marriott's strategy to optimize its real estate portfolio by divesting owned assets while retaining management contracts, which can provide stable, fee-based income and reduce capital intensity.
Yes, the hotel is slated for a renovation, primarily focusing on its lobby and other public areas, which is expected to enhance its appeal and operational efficiency.