Canadian hospitality company Allied Hotel Properties (HP) Inc. revealed that it is selling Toronto Don Valley Hotel and Suites, a prime potential redevelopment site located along Eglinton Avenue near the Don Valley Parkway.
Allied Hotel Properties, a unit of Allied Holdings Ltd., is planning to sell Toronto Don Valley Hotel and Suites to investment firm DVP Hotel Development LP for $102 million.
The company noted that the assets being sold include its Toronto Don Valley Hotel and Suites at 175 Wynford Dr. and adjacent lands. More so, the property is about 5.42 acres.
The transaction is expected to be completed in January 2020, subject to standard closing conditions as well as approval by Allied Hotel Properties' shareholders.