A hotel residence is a hotel that offers individual suites for private ownership. These buildings are usually large high-rise luxury hotels operated by big name hoteliers. It comes as no surprise that some of the most established hoteliers offer buyers the opportunity to own luxurious condos and residences in the city. These hotels have condo units, allowing home buyers and individual investors to own a home that offers amenities like spa, fitness, fine dining, business centre and more.
With the housing market rebounding during throughout the month of May 2019 in Toronto, our team thought it would be a great time to showcase some of the best condos and hotel residences the city has to offer. As such, we present to you our list of the top 5 hotel condos and hotel residences in Toronto:
Developer: Westbank
Year Registered: 2012
Location: 180 University Ave
Storeys: 68
Amenities: Pool, sauna, gym, yoga studio, cinema, party/meeting room, security guard, concierge
Description: Quite simply, the top of the top. The first 17 floors of this project features a five star hotel, whereas the residential condos occupy floors 18-47. Those living in the residential units access their units through a private lobby, yet still have full access to the hotel’s amenities. As such, owners of residential condos get to experience full service luxury living at it’s finest.
Developer: JFC Capital ULC
Year Registered: 2012
Location: 311 Bay Street
Storeys: 58
Amenities: Pool, gym, party/meeting room, security guard, concierge
Description: The St. Regis Residences stand at 39-storeys and offer suites that deliver an elegant, privileged and luxurious living experience. Located in the heart of downtown, the St. Regis makes full use of its desirable location; providing residents with warm hospitality, brilliant architecture, and impeccable cuisine, while upholding the highest standards of sustainability.
3. Residences of the Ritz Carlton
Developer: KOP Properties
Year Registered: 2011
Location: 183 Wellington Street West
Storeys: 53
Amenities: Pool, gym, sauna, spa, cinema, party/meeting room, security guard, concierge
Description: Well known in Toronto as a luxury hotel with acclaimed social and business events, The Ritz Carlton brings the same level of style and service to its residences. All suites share a fashionable executive feel, ranging in size and layout from two to three-bedrooms, with dens and libraries in some units.
4. Four Seasons Private Residences
Developer: Four Seasons Hotels and Resorts and Bay-Yorkville Developments
Year Registered: 2012
Location: 50 Yorkville Avenue & 55 Scollard Street
Storeys: 34
Amenities: Pool, hot tub/jacuzzi, sauna, spa, salon, yoga studio, party/meeting room, security guard, concierge
Description: The Four Seasons Residences Toronto set a new standard of luxury in the world famous Yorkville neighbourhood of Toronto. The Four Seasons Residences consists of two towers with approximately 210 condominium suites. The West Tower at 50 Yorkville Avenue includes the luxury five-star Four Seasons Hotel Toronto on the first twenty-three floors and additional thirty-two floors with 101 private residences with direct elevator access range in size from 1,956 to over 9,000 square feet. The East Tower at 55 Scollard Street is an entirely residential building with 109 suites spread across twenty-six floors. Both towers share the fantastic service and amenities that the Four Seasons Hotel brand is renowned for.
Developer: Lifetime Developments
Year Registered: 2017
Location: 88 Blue Jays Way
Storeys: 44
Amenities: Pool, sauna, outdoor patio, garden, party/meeting room, security guard, concierge, pets, rooftop deck
Description: Bisha is the newest private-label hotel and residences brand to originate in Toronto since Four Seasons Hotels and Resorts was introduced in the 1960s. Created by Lifetime Developments and INK Entertainment, Bisha offers the best in architecture and interior design, art, cuisine, music and culture.
There are a some key factors to keep in mind when considering purchasing a condo in a hotel residence. Firstly, the maintenance fees tend to be higher than the average neighbouring condominiums, since there is a built in management fee and occasionally, a refurbishment fee. Secondly, financing can sometimes be an issue as not all few lenders are open to funding this type of product. Lastly, most, if not all, of these hotel residences do not permit the condo owners to list their properties for short-term rental occupancies.
Would you like to see more hotel residences and condos in Toronto? Visit Dwelly, where you can search by buildings and view all Toronto Real Estate for sale, for rent and create an account to view sold home prices.
