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Cushman & Wakefield Arranged Sale and Project Financing for Riu Hotels & Resorts’ Urban Hotel Line, Riu Plaza in Toronto

Spain-based hotelier investing over $100 million in hotel development
in downtown Toronto

TORONTO–(BUSINESS WIRE)–Cushman & Wakefield (NYSE: CWK) has arranged the sale and secured
project financing to support the launch of Spain-based Riu Hotels &
Resorts’ (Riu) urban hotel line, Riu Plaza, in downtown Toronto.
Brokered by Curtis Gallagher, Vice President, Globe Hospitality, and
Moshe Elyovich, Vice President Global Hospitality, Riu will invest over
$100 million into Toronto’s newest urban hotel.

The new mixed-use hotel, retail, and residential development will have
two towers. One tower will be exclusively residential and the other will
include the 350-guestroom hotel, meeting rooms, a gym, bar and
restaurant, retail and upper residential floors.

“Investor demand to acquire well-positioned hotel assets in downtown
Toronto has been extremely competitive because there is great value in
owning world-class assets in dynamic metropolitan cities that are
experiencing remarkable growth,” said Gallagher. “This was a significant
opportunity for Riu to enter the Canadian market in one of the country’s
strongest performing cities.”

This sale comes off a strong year for investor interest in Canadian
commercial real estate assets. Canadian hotel investments in 2018
accounted for $1.3 billion, with Ontario assets comprising over 40% of
the volume. Downtown Toronto Occupancy and Average Daily Rates are 78%
and $248.27 respectively. Rounding out 2018, the hospitality sector in
Canada saw 5.3% Revenue per Available Room (RevPAR) growth
year-over-year according to STR data.

“The hotel sector has been experiencing exceptional performance in
almost all key markets across Canada and our stable economy is
favourably viewed by foreign investors,” adds Gallagher. “I would expect
to see strong performance and interest continuing throughout 2019.”

Slated to open in 2021, this will be the first Riu hotel in Canada.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services
firm that delivers exceptional value for real estate occupiers and
owners. Cushman & Wakefield is among the largest real estate services
firms with 48,000 employees in approximately 400 offices and 70
countries. In 2017, the firm had revenue of $6.9 billion across core
services of property, facilities and project management, leasing,
capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com
or follow @CushWake
on Twitter.

Source: Cushman & Wakefield

Contacts

MEDIA CONTACT:
Edna Canning-Park
Communications
Manager – Canada
+1 416 359 2581
[email protected]

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