Hotel X opened for operations on March 20, 2018, but over six years since the 27-storey tower welcomed its first guests at Toronto's Exhibition Place…
, but over six years since the 27-storey tower welcomed its first guests at Toronto 's Exhibition Place, a planned second tower and attached entertainment remain unbuilt — and it will stay that way for years to come.And while it is a surface-level setback for the new hotel and entertainment complex, the report is also a clear sign that the proposed destination is still indeed on the horizon.
The existing first phase of Hotel X occupies land leased to The Library Hotel Collection by the City of Toronto and the Board of Governors of Exhibition Place, with the initial deal for the site also securing the option to develop land west of the current building with a future hotel tower. The hotel operator exercised this option with notice to Exhibition Place's Board in mid-2020, updating the terms in December 2021 following the proposal of an event venue on site, currently planned to span 190,000 square feet with seating for up to 7,000.However, like most plans conceived during 2020 and 2021, the pandemic added hurdles to the planning process, and a mix of changes to the hotel plan and the requirement to consult with locals have all bitten into the project's timeline.
The term length is now estimated at approximately 33 years and 9 months, which would result in a lower estimated financial return for the City and Exhibition Place.Despite its substantial $417 million price tag, the property is expected to net the City and Exhibition Place $136.658 million during the initial lease term, according to the report. The lease is also expected to generate approximately $2.456 million annually in property taxes, with the rate to increase once the complex opens.
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