Very nice! Finally something a little out of the ordinary.
Good to see that parking lot get filled too. I wonder if it will occupy the entire lot or just a portion of it.
Why does the Star always turn to Harry for comentary on these sort of things?
Ritz tries again in Toronto
Some say luxury field overcrowded
Plan comes after five-year hiatus
TONY WONG
BUSINESS REPORTER
It has been five years since Marriott International Inc., parent company of the plush Ritz-Carlton chain, first announced plans to open hotel and condominium residences in Toronto's business district.
Today, Marriott is expected to announce at a news conference at Roy Thomson Hall that, after a controversial hiatus, the Ritz-Carlton flag will finally fly in Toronto.
But can the city support yet another high-end condominium and hotel development?
The new Ritz would be on what is now a parking lot at the southwest corner of Simcoe and Wellington Sts., near Roy Thomson Hall.
The project would provide major competition for a city crowded with luxury new projects, such as the Trump International Hotel & Tower on Bay St. and the Sapphire Tower on Richmond St., as well as for established hotels such as the Four Seasons and the Park Hyatt.
"I think there is a big question mark as to whether there is room for both the Ritz and a Trump hotel," said Harry Stinson, the developer of the Sapphire Tower, which is aiming to be the tallest residential condo in the city.
"And I think other high-end hotels in the city should be worried."
When Ritz-Carlton first announced it would break ground in Toronto, it was with New York developer Donald Trump as a partner. That soon fizzled after the Toronto Star revealed that one of the original partners on the project had been convicted of bankruptcy fraud and embezzlement in the United States and had fled to Canada. Ritz-Carlton backed out. The project is now going ahead as a Trump hotel.
Since then, Marriott has been looking for a spot in the city to plant the corporate flag to compete against the Four Seasons, which some consider the best hotel in the city.
Toronto Mayor David Miller is expected to attend the news conference today, along with executives from builder Graywood Developments Inc. and from Marriott.
So far the competition has been gracious.
"We think it's great," said Barry Landsberg, spokesperson for the Trump Tower. "Anything that raises the profile of Toronto internationally will be good for business."
Landsberg said he believes the Ritz won't affect hotel-unit sales at the Trump Tower.
"We are doing extremely well already."
As of March, Landsberg said, the Trump Tower had achieved more than $100 million in sales, and ground breaking is likely to be moved up to this December from spring of 2006.
Even developer Stinson said that the Ritz will be good for the city.
"They have a great site, and this time around they have credible players. This is a project that will happen. They will raise the standards."
Additional articles by Tony Wong