News for the Hospitality Executive
Merchant Equity Group Building 500 room Hyatt Regency
The $300 million Mixed-use Complex Will Replace
the Regal Constellation Hotel
TORONTO - Affiliates of Global Hyatt Corporation have signed an agreement to manage Hyatt Regency Toronto Airport being developed by New York-based Merchant Equity Group. Scheduled to open in the summer of 2010, the 12-story hotel will be part of a 15-acre, mixed-use complex with 500-rooms and overlooking the fairways of the championship Royal Woodbine Golf Course. Award-winning, Toronto-based Zeidler Partnership Architects, whose work includes Toronto’s National Trade Center and Eaton Centre, will design the hotel.
Hyatt Regency Toronto Airport will be an environmentally sustainable project, designed to LEED silver standards. It will be energy efficient using state-of-the-art occupancy sensors to automatically turn off lights and guestroom televisions, and will feature green roofs and recycled building materials.
The $300 million hotel complex will include office, retail space and convention facilities. The Hyatt Regency will replace the Regal Constellation Hotel, which closed over four years ago. Construction of the new property will start in 2008.
“We are thrilled to enhance Hyatt’s visibility in Toronto, and this new property will complement our luxury Park Hyatt Toronto downtown,” said Chuck Floyd, Chief Operating Officer North America, Global Hyatt Corporation. “The new eco-friendly hotel will be a distinctive addition to the Toronto airport area, creating jobs and boosting the local economy. We look forward to welcoming additional visitors from around the world to Toronto.”
“Construction of the Hyatt Regency Toronto Airport hotel will create as many as 500 construction jobs and approximately 500 permanent jobs when it opens in 2010,” said Jeff Gwin, Managing Partner of Merchant Equity Group. “The new hotel will revitalize the airport strip, generating millions of dollars in property taxes for the City of Toronto.”
Hyatt Regency Toronto Airport will complement Toronto’s Pearson International Airport which has undergone a $4.4 billion redevelopment as the fourth largest international airport in North America.
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Merchant Equity Group
|Also See:||Hospitality Investors Group Acquires the 800 room Regal Constellation Hotel at Toronto Airport; Planning Repositioning and Renovation / February 2004|