TORONTO, ON (July 17, 2015) — Skyline International Development Inc. (TASE: SKLN) (“Skyline” or the “Company”), parent company of Skyline Hotels & Resorts, is announcing the sale of the Cosmopolitan Hotel Toronto to Vancouver-based Executive Hotels and Resorts (the “Purchaser”) for $13 million. The sale, which was finalized July 8, 2015, will not impact the guests and clients of the 50 room upscale boutique hotel, now renamed to Executive Hotel Cosmopolitan. The transaction includes the sale of 29 Skyline owned rooms, lobby restaurant, conference rooms, spa space, parking and other amenities. Located at the heart of downtown Toronto, the mixed-use development was built by Skyline and first opened its doors in 2005.
“The timely sale of this hotel is aligned with one of our core business strategies of acquiring and, in this case, developing properties in the hospitality sector in which we can leverage our brand and industry expertise to attain consistently high occupancy rates, exemplary customer service and optimal operational efficiencies and subsequently divesting these assets to maximize shareholder value,” said Michael Sneyd, Chief Executive Officer at Skyline.
The brokerage firm involved in the transaction was Cushman and Wakefield.
About Skyline International Development Inc.
A leading Toronto-based developer of hospitality properties and destination communities, Skyline International Development owns over two million square feet of real estate, has over 2,600 acres with development rights for more than 7,000 residential units and nearly 1,300 rooms in its holdings, employing more than 1,500 staff. Its unique asset mix includes part ownership of Toronto’s iconic Omni King Edward Hotel, as well as ownership of, under the Skyline Hotels & Resorts brand, the city’s contemporary boutique Pantages Hotel and Spa. Skyline’s resort assets include landmark Deerhurst Resort with 45,000 sq. ft. of meeting space lakeside in Muskoka and Horseshoe Resort, home to Toronto’s closest ski area and an adventure park. The Company is also creating residential communities at Deerhurst, Horseshoe and, at the historic lakefront of Port McNicoll, Ontario, a restored gateway to the 30,000 Islands, a UNESCO World Biosphere Reserve. In 2013, the company launched Skyline Vacation Club, Ontario’s first drive-to, members-only, points-based urban and country vacation club. In April 2013, Skyline acquired 50% of the retail component in both the village and surrounding the golf course at Blue Mountain and the remaining developable land. In late 2014 the Company acquired Bear Valley Ski Resort in California, expanding its American asset base that included an ownership of the iconic Hyatt Regency Arcade hotel and shopping center in Cleveland, Ohio. In early 2014, Skyline became a public company trading on the Tel Aviv Stock Exchange (TASE). For more information, please visit: www.skylineinvestments.com.
PRESS RELEASE SOURCE: Skyline Investments
Chief Operating Officer
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