Mishorim Development Group's Skyline, controlled by Israeli entrepreneur Gil Blutrich, has bought Le Meridien King Edward Hotel in Toronto for C$ 52 million.

"The acquisition of the King Edward Hotel is a rare opportunity for the company, because it is a property occupying an entire block in the heart of downtown Toronto, and has generated handsome revenue for its owners for years," said Rami Shriki, CEO of Mishorim. "The company will complete construction of its residential project near the hotel. The project has 500 condominiums in two high-rises, as well as commercial and parking space. The company will make some of the parking available to the hotel's guests and visitors."

The five-star hotel based in downtown Toronto, which boasts 268 rooms, was first opened in 1903 named after King Edward VII. In 2006, the hotel came into the ownership of Lehman Brothers UK and the Starwood Hotels Group for a price of C$ 62.5 million. In recent years, the owners invested C$ in the renovation of the hotel which stretches along 16,000 square meters.

Last year, Mishorim Development Group has purchased the Horseshoe Valley ski resort near Toronto, Ontario.