Streetcar Developments and Dream Unlimited have inked a deal to acquire the Gladstone Hotel in Toronto’s West Queen West neighborhood, which has been dubbed as ‘the oldest operating hotel in the city’.
Constructed in 1889, the hotel on Queen Street West comprises 37 bedrooms and was sold by the Zeidler family.
Financial details of the deal were not disclosed.
Now under its new ownership, the Gladstone Hotel will be operated by Crescent Hotels and Resorts.
“We have great respect for the West Queen West community and believe the Gladstone Hotel is a unique representation of the neighbourhood’s art, culture and diversity,” said Les Mallins, founder and president of Streetcar Developments.
“We look forward to amplifying the hotel’s offerings with our refreshed vision, enhancing the current building while ensuring the property remains a staple within the community.”
The Gladstone is a major player in the city’s arts and culture, hosting dozens of exhibitions and other events each year.
The building underwent a major renovation in 2005 led by architect Eb Zeidler, to preserve the landmark building’s historical significance.
Dream is an owner and developer of office and residential assets in Toronto, and develops land and residential assets in Western Canada.