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MATTHEW SLUTSKY
Senior Buzzer
reply 2299 vote 171
 

RUMOUR ALERT! Downtown Toronto boutique hotel in Power of Sale

RUMOUR, RUMOUR! Read all about it!

Do you know what hotel in Toronto this is??

The rumour from the rumour mill is that the Templar Hotel - 350 Adelaide St. W - is up for Power of Sale.

No idea how much, or any information, at this time.

Know anything?
9
Ontario / General Chit-Chat
 
 
 
JORDAN EPSTEIN
NewBee
reply 5 vote 5
 
 
3 BEST REPLY
It was initially listed at $13M, but seems they have reduced it to $1 to potentially speed the time in which they get bids.

The rumors I hear are that it is very poorly built and the bones behind the walls are in rough shape. 
 
 
 
JSHAMESS
Buzzer
reply 34 vote 6
 
 
Here we go...and many more to come.
 
 
JORDAN EPSTEIN
NewBee
reply 5 vote 5
 
 
1
I don't think this is a sign of things to come....  This place was never run well, it was built on the frame of a commercial building that never happened. It was sort of doomed from the start.  

A great acid test is who even knew this was a hotel?.....I only knew cause a well informed friend told me about it last year.
 
 
DYLAN DILECCE
Buzzer
reply 89 vote 13
 
 
1
An upscale hotel very ahead of its time given the neighbourhood. Zupas and furriers are great and all, but a boutique non-descript hotel needs to have an unbelievable neighbourhood backing it up to succeed in my opinion.
 
 
MARCO DIFOTI
Senior Buzzer
reply 550 vote 45
 
 
Total square footage: 20,398
Taxes: $37,663.00 / 2013  
DOM: 63 
Lot: 40ft by 70ft

From the listing: This 27 Guest Room Luxury Concept Boutique Hotel Offers A Rooftop Bar Area, Design-Inspired Lobby Lounge, Street Level Front Patio Area, Restaurant With Open Kitchen Format & Japanese-Style Spa With Outdoor Plunge Pool. The Property Was Meticulously Designed With Some Of The Best Quality Design Materials Sourced Exclusively From Around The World. 
 
 
ALLEN
Buzzer
reply 192 vote 54
 
 
I am not surprised.
It took over 8 years to build, was built and managed by people who have very little experience in the field and the hotel strangely hadalmost nomarketing or PR for it, other than a couple newspaper articles andanoddhotel award from aEuropean magazine before the hotel was operating. All of the press and whatever PR they have were purely fluff and had no merit nor substance behind it.

I have been in the hotel and restaurant and it's very beautifully designed, but there was something not quite right about it.

All of Rhed's five other developments has failed as well:
- Langston Hall 1 which was marketed in 2008 and was supposed to be the sister building to the Templar, but was stalledand eventually cancelled in 2013 with nota shovel in the ground. It was over 60% sold and the purchasers deposits were held on for that long while the rest of the city experienced the biggest real estate booms ever. Word has it that the property was being pitched to a developer who has plans for a luxury rental building.
- Langston Hall 2 was supposed to be an impressively thin and tall with only two 2-storey house-sized units per floor. It was a stunning design but made no financial or marketing sense as 5-star residences from Four Seasons, Trump, Shangri-La, and RitzCarlton has languished and over saturated the super high end condo market.The property was eventually sold conditionally to a developer.
- Citizen House is located on Peel Street near the Gladstone Hotel and surrounded byabig condo/retaildevelopment by Streetcar Developments (Carnaby Row). It's a small 3-story house of less than 2,000 sq.ft. that was supposed to be a satellite extended stay villa for the Templar Hotel. It was in the works for more than five years and the rusting steel skeleton remains untouched fora couple years.
- Wellington Street Lofts was originally supposed to be an exclusive loft building of just six lofts converted from a small 2 storey warehouse building with aone storey addition, just west of Bathurst. Never marketed, but apparently half of the units were sold. The building was later changed to be an events centre and banquet hall for the Templar Hotel. Construction has been halted for the lasttwo years.
- Templar Lake on the Mountain in Prince Edward County was supposed to be an ambitious lake resort complete with their own fleet of custom designed electric/solar powered power boats housed in an all-glass boat house. The Langston Hall sales centre, which is deteriorating and still sitting on the Langston Hall site was supposed to be moved here to become a welcome centre.
 
 
CLIFFORD
Buzzer
reply 56 vote 3
 
 
Not surprised.  The developer should switch professions.
 
 
ALLEN
Buzzer
reply 192 vote 54
 
 
They are not developers to begin with.
Rhed is just a small design company that does token interior and graphics projects.
They have no business being in real estate, business management , hospitality or construction/development.
 
 
CLIFFORD
Buzzer
reply 56 vote 3
 
 
I stand corrected.  They should just stay far far away from construction/development
 
 
 
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