Hotel & Spa in Toronto
as Hotels Change Ownership
“The Renaissance will be one of the largest non-casino hotels in Las Vegas,” said Steve Jorns, Interstate’s chief executive officer. “Its size and meeting orientation fit well with our in-depth expertise in those areas.”
Located at 3400 Paradise Road, the 15-story property will feature a fine dining restaurant, lobby lounge and Starbucks coffee shop. The hotel will offer a fitness center, concierge lounge, business center, high-speed Internet access in all guest rooms, outdoor swimming pool and whirlpool and parking.
“We have a long-term relationship with Interstate and look forward to expanding it with this unique project,” said Lewis Shaw, president of Jackson-Shaw. “With the expansion of the Las Vegas Convention Center to 3.2 million square feet in 2001 and the projected opening of the nearby Wynn Las Vegas Casino in 2005, this hotel will be well positioned as an attractive alternative to Las Vegas mega-hotels, while offering sizable meeting facilities. As a result, we expect to appeal to business, leisure and group business.”
Interstate also will manage The Pantages Suites Hotel & Spa, currently under construction in Toronto’s downtown theater district, for Skyline Executive Management Inc., an affiliate of Skyline International Development Group. The hotel, which is scheduled to open this month, is part of a mixed-used facility that will include condominiums, timeshare and retail space.
The 157-unit property comprises a blend of hotel guest rooms; studio rooms with kitchen; one-bedroom apartments with full kitchen and dining area; approximately 7,000 square feet of meeting space; a 12,000-square-foot spa; lobby martini bar; and a circa 1950s-style, upscale “diner” restaurant and lounge. The property, located at 210 Victoria Street between Queen and Shuter Streets in the theater district, is adjacent to St. Michael’s, a major hospital facility, and close to Toronto’s “Times Square.”
Of the hotel’s 157 guest rooms, 46 are timeshare units, which owners may choose to make available to the hotel as part of their guest room inventory. Interstate estimates that 50 percent of the timeshare units will be available for hotel rental.
“This property requires specialized skills to manage the complete facility, which includes meeting the diverse needs of traditional, condo hotel and timeshare guests,” said Jorns. “Our experience with multi-use developments, corporate housing and resort/spas should prove very useful in helping us position The Pantages as a leader in this international urban destination.
“This is our second property in Toronto and our fourth in Canada,” he added. “In addition to its downtown location in the chic theater district, this very ‘hip’ hotel will offer a variety of very upscale, contemporary guest rooms, as well as an extended-stay aspect, the upscale, retro diner and a martini bar we fully expect to establish as the ‘in place’ for locals and visitors alike. With its location next to St. Michael’s Hospital, the hotel also will be ideal for families with relatives receiving treatment there.”
Ram Dinary, Skyline’s vice president of finance, said that the company had selected Interstate for a number of reasons. “They have a proven track record managing upscale hotels, resorts and unique properties, and they have successfully managed timeshare pools.”
The diner, which will be leased to a well-known Toronto operator, will be open 24/7 and will offer three-meal service, as well as provide hotel guests with a complimentary breakfast bar and food and beverage service for meeting functions. The diner is expected to open concurrently with the hotel.
“Both projects reflect the early stages of a rebound in the hotel industry,” said Jorns. “While development has been at levels lower than normal over the past few years, we are seeing a number of management opportunities for a number of exciting, new major projects. We also are seeing significant activity in the acquisition market, which typically is the time when most hotels change management companies. As a result, we have a growing pipeline of management contract opportunities.”
Skyline International Development Group is a Canadian group of companies focused on developing real estate in the Toronto, Canada area. In 2002, Skyline facilitated over $100 million CDN in investments in Canadian real estate and has become an industry leader of non-hotel extended-stay accommodations serving Fortune 500 and other clients in Canada.
Dallas-based Jackson-Shaw Company is a nationwide real estate developer. Founded in 1969, the firm focuses on custom projects that include hotels, office, flex and residential projects.
Interstate Hotels & Resorts operates approximately 300 hospitality properties with more than 64,000 rooms in 41 states, the District of Columbia, Canada, Russia and Portugal. BridgeStreet Corporate Housing Worldwide, an Interstate Hotels & Resorts subsidiary, is one of the world’s largest corporate housing providers, offering upscale, fully furnished corporate housing throughout the United States, Canada, the United Kingdom, France and 39 additional countries through its network partners.
This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, about Interstate Hotels & Resorts, including those statements regarding future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will,” which indicate that those statements are forward-looking.
Vice President, Corporate Communications
|Also See:||Dallas Real Estate Developer Jackson-Shaw Building $100 million Las Vegas Renaissance Hotel; With 548 rooms Will be the Largest Non-casino Hotel in Nevada / December 2003|
|Two Hotel Developers Name Interstate Hotels & Resorts to Manage Properties in New York City and Connecticut / July 2003|
|Alex Lombardo and George Brennan Promoted to New Corporate Positions with Interstate Hotels & Resorts / January 2004|