Pacific Reach and Dilawri Group of Companies have jointly acquired the Ritz-Carlton Toronto, marking a major investment in one of Canada’s most prestigious luxury hotels.

The price was not disclosed, but Green Street reported it as $300 million. The seller was not identified, but Cadillac Fairview was the known previous owner.

Located in downtown Toronto, the property spans 700,000 square feet. The hotel will continue to be operated by Marriott International under the Ritz-Carlton brand.

Each company will hold a 50% stake. Pacific Reach will serve as asset manager, collaborating with Dilawri on planned enhancements to the spa, common areas, and conferencing spaces.

“We are thrilled to acquire The Ritz-Carlton, Toronto and leverage our years of experience owning and operating luxury hospitality assets, including the Rosewood Hotel Georgia, to build on the exceptional reputation of The Ritz-Carlton, Toronto,” said Azim Jamal, CEO and founder of Pacific Reach. “This partnership with Dilawri represents our shared vision of excellence, as we take steps to further enrich the guest experience and continue the Ritz-Carlton’s legacy as one of the most prestigious luxury hotels in Canada.”

Kap Dilawri, co-founder of Dilawri, said the acquisition marks milestone for the firm’s dedicated investment division.

Toronto-based Dilawri is Canada’s largest automotive group. The company has grown to include the strategic investment division with interests in real estate and other diversified assets.

Pacific Reach is a Vancouver-based, multi-strategy investment firm with extensive real estate holdings across North America, including hotel, multi-family, and commercial properties.

Pictured: The Ritz-Carlton hotel in downtown Toronto.

Photo: Pacific Reach and Dilawri Group