One of Toronto's hottest boutique hotels is for sale

Toronto's Templar Hotel is on the auction block. The secretive space has been facing controversy and financial troubles since its inception, so it's really no surprise that it's on the market.

"The property is for sale under power of sale," says realtor Shawn Abramovitz from Core Consultants Realty Inc. who represents the property's mortgagee, CVC Ardellini Investments. His client took over the space back in February 2014 and the mortgagor, Templar Hotel Corporation, is defaulting so now the hotel's up for auction.

"We're hoping we can attract international slash foreign investors," says Abramovitz. The auction started at $1 and will close on July 29. Abramovitz won't reveal what price they're hoping to close at, but he notes that Templar was listed for $13 million a few years ago.

The eight-storey hotel features just 27 suites. It's currently home to the buzzed-about Parcae restaurant. Most recently, Drake shot some of his VIEWS album art at the Templar.

Photo by Jesse Milns.

by Staff via blogTO