Easton’s Group of Hotels and The Remington Group have sold its interest in the two-tower King Blue Condominiums to Shanghai-based Greenland Holding Group Co., a Chinese multinational with billions of dollars in assets, who recently opened a Toronto office. Purchase price was not disclosed.
Located at the corner of King Street and Blue Jays Way, King Blue Condominiums consists of two towers, 44 and 48 storeys. The development also incorporates the historic Westinghouse factory building, a Toronto landmark that has graced the bustling intersection since 1927, which will also be converted into loft condos.
Steve Gupta, president and CEO of Toronto-based Easton’s Group of Hotels said that the sale of Easton’s interest in the King Blue site presents a significant upside for his organization. “We believe this transaction will help launch us forward as we identify new investment and development opportunities allowing us to focus on key strategic priorities as we continue to transform Toronto’s skyline with dynamic new projects.
“We have made absolutely certain,” Gupta added, “that all of our customers and their brokers who purchased at King Blue are completely protected. With the purchase now complete, Greenland, as a Fortune 500 global company, has assumed all commitments and have agreed to fulfill their responsibilities.”
The Easton’s Group, founded by entrepreneur Steve Gupta, has over 35 years’ experience in the real estate and hospitality industries.
Said Vice President, Marketing Reetu Gupta, “We began with residential apartment buildings in the early 1980s and then owned over 7,000 apartment units in over 60 buildings across Ontario. My father transitioned the company into building upper mid-scale niche hotels in Ontario and Québec and over the years, built approximately 3,000 hotel suites including 1,000 extended stay suites with full kitchens (same as condos). With a strong team, we have developed and operate an award-winning hotel portfolio under the Marriott, Hilton and Holiday Inn brands in both provinces.”
In 2011, Easton’s launched their first condo project, King Blue. Their second project, Dundas Square Gardens, at the corner of Dundas and Jarvis Sts. also in Toronto, is almost sold out in just five months after coming to the market and becoming one of the fastest selling condo projects in the GTA. As part of its commitment to the area, Easton’s Group is donating $1,000 to nearby Ryerson University for every suite sold, topping out this significant donation at $1 million.