Alcion sells new Four Seasons Canadian flagship hotel
Boston-based real estate private equity firm Alcion Ventures has completed the development of a hotel project in Toronto for Four Seasons Hotels & Resorts. The worldwide hotel chain has begun operating its new flagship on Yorkville Avenue in Toronto.
The new hotel, located at the intersection of Bay Street and Yorkville Avenue, replaces Four Seasons Hotels & Resorts’ oldest and first hotel at 21 Avenue Road. Bay-Yorkville Developments, a joint venture between Alcion and local developers Menkes Developments Ltd. and Lifetime Developments sold the 259-key hotel to Kingdom Holding Co., owned by HRH Prince Al Waleed bin Talal, for approximately $166 million.
“It took elbow grease to make this happen. Many thought it was going to be impossible to do this deal,” says Martin Zieff, managing partner at Alcion Ventures.
Some details of the transactions included the agreement by Kingdom and Four Seasons to void the long-standing manage