Recognizing the value of this outstanding location, GEI quickly mobilized to form an investment group in 2011, spearheading the acquisition of the property, at the time a Howard Johnson Hotel. After purchase, they operated it under the Howard Johnson banner until 2018, when it was rebranded as Hotel 89. GEI successfully led an effort to amend the zoning by-laws to permit the construction of a three-storey building, with a combination of residential units and commercial and retail spaces. GEI helped initiate and guide the sale of the property for over $250 a buildable foot, which was, at the time, one of the highest per square foot prices ever paid in Toronto.
89 Avenue Road is located in the heart of Yorkville, one of Toronto’s premier destinations for tourism, shopping and dining. A comfortable, modest hotel currently stands on this site, which is just steps away from Bloor Street and the upscale boutiques and eateries of Yorkville Village. It is also close to the Annex neighbourhood, University of Toronto, Royal Ontario Museum and public transportation.