The New Hazelton Hotel
In the heart of Yorkville, amid the glittering array of art galleries and high-end retail boutiques like Chanel, Gucci, Prada and Louis Vuitton, Peter Cohen and Bruce Greenberg have ventured into the boutique hotel business for one simple reason: Toronto is a perfect venue for the five-star luxury experience.
Cohen, the accountant and president of the Dawsco Group, a private real estate investment firm, and Greenberg, founder of the Starwood Group, a development company which concentrates on loft conversions and mixed use hotel projects, have looked to some legendary hotels for inspiration: the Ritz in Paris, the Cipriani in Venice and the Villa d’Este on Lake Como. These storied hotels offer more than simple accommodations for corporate road warriors. Their dining rooms, bars, and amenities have become tourist destinations in themselves.
So, why Toronto? Cohen and Greenberg knew the Hazelton could capitalize on Toronto’s importance as one of the key film festivals for producers and distributors from around the world with their creation of the Silver Screening Room, designed by Beverly Hills’ Chris Hansen of Simply Home Entertainment. It features a 4.8m ceiling, mohair lined walls for soundproofing and an adjoining 218 square-metre foyer for pre-screening functions. The inaugural guest list for the room’s opening included studio executives from Sony Warner, Alliance Atlantis and NewLine Cinema. In a neighbourhood that features the Royal Ontario Museum’s Michael Lee-Chin Crystal Gallery, designed by Daniel Libeskind, as well as a host of new condominium developments, the Hazelton signals that the Yorkville district has transformed itself once again.
Occupancy rates are confidential, but the developers say they are “very pleased” with the profitability of the property to this point. For the elite traveller market, properties such as the Hazelton offer clear advantages in their attitude to service and commitment to the smallest details. With A-list events such as the Toronto International Film Festival, rates in the ultra-luxury market range up to $5,000 a night, with minimum bookings of seven days required.
The Hazelton Hotel’s 77 hotel rooms and select private residences provide a home for an international executive class that comes for the culture and stays for the business opportunities.
For more information on tourism investment opportunities throughout Ontario, please visit: www.investinontario.com/tourism/regionalinvest.asp.