Main Photo: The current bedroom at the Thompson Toronto
Date: August 2019
Location: Toronto, Canada
Name: 1 Hotel
No. of Keys: 105
Seller/Buyer: The upcoming 1 Hotel Toronto is being developed in partnership with Mohari Hospitality, a global real estate investment company and owner of the building, which currently operates as the Thompson Toronto, part of the Hyatt portfolio. The downtown property will undergo an “extensive transformation” ahead of the rebranding.
“1 Hotel Toronto will introduce the city to a new standard for an eco-conscious luxury experience, and is the first of its kind in Canada,” said Sternlicht.
Barry Sternlicht, a serious industry veteran, was the man that co-founded Starwood Capital, with US$51bn in assets under management today. He was CEO until 2005.
In 1994, in partnership with Goldman Sachs, Sternlicht’s company purchased Westin Hotels & Resorts in a $561 million transaction. Sternlicht’s innovations included the “W” brand of hotels and the Westin Heavenly Bed. The bed was modelled after the bed in Sternlicht’s home.
In January 1995, Sternlicht purchased Hotel Investors Trust, an almost-bankrupt real estate investment trust, and took over as CEO.
In 1997, Sternlicht’s company acquired ITT Sheraton in a $13.3 billion transaction, topping a bid by Hilton Worldwide.
The brand 1 Hotel, reuses existing structural and reclaimed materials gathered from the local community, including timber, driftwood and local limestone.
The hotel will remain open and operating as the Thompson until the renovation begins.
In June, Sternlicht announced plans for a “little brother” brand to the 1 Hotels flag. Treehouse Hotels, set to officially launch later this year in London, will be a “less-serious” take on hospitality, he said at the time.
SH Hotels & Resorts, a subsidiary of Starwood Capital Group, will manage the new brand’s hotels on behalf of Starwood Capital.
THPT Comment: Interesting that someone like Barry Sternlicht that ran the multi-million, sorry billion empire, gets back to the grass roots of a hotel brand like 1 hotel.
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