TORONTO -- The British-based company that has been managing Toronto's historic downtown King Edward Hotel has bought the property from the developers who recently restored the hotel.
Trusthouse Forte Ltd. of London said Tuesday it had purchased the Kind Edward from Trans Nation Inc., a partnership of Emilio Valentini and John Franciotti.
Roger Manfred, chairman of Trusthouse Forte would not reveal the purchase price for the hotel, but Trans Nation had been reportedly asking $60 million for the property.
Trans Nation paid $6.3 million for the hotel in 1979 and spent almost $30 million on renovations and restoration.
The purchase is subject to approval by the federal government's Foreign Investment Review Agency.