Oxford Properties snapped up the Park Hyatt near Toronto’s Yorkville neighbourhood for about $90 million (USD) or $260,000 (USD) per room.

Oxford says it’s planning to significantly renovate the hotel to maintain the brand’s cache and prestigious locality at the intersection of Avenue Road and Bloor Street, across from the Royal Ontario Museum.

“Oxford’s acquisition of Park Hyatt Toronto is in line with our stated strategy of owning highly visible, luxury and upper upscale assets with prime locations in key markets with high barriers to entry,” said Michael Kitt, executive vice-president of Oxford (Canada).

In addition to 17,000 square feet of meeting space, the Hyatt outpost features the Stillwater Spa, The Rooftop Lounge and the award-winning Annona restaurant.

Under a new hotel service agreement, a Hyatt affiliate will continue to operate the hotel. Stephen Haggerty, global head, capital strategy, franchising and select service for Hyatt said Oxford’s planned renovation will accentuate the Park Hyatt luxury brand as a whole.

”This transaction is consistent with our asset recycling strategy and allows Hyatt to retain its luxury presence and management in Toronto, a key global market,” Haggerty added.

First built in 1932, a north tower was added in 1955 and the hotel was later reconstructed in 1998 and 1999.