Downtown Holiday Inn to Become Student Residences
One privately held U.S. fund is in the late stages of a separate deal to buy yet another downtown hotel — a property that would be the fourth building converted into student housing, an industry source told The Gazette.
“Right now, the (student housing) choices are very limited,” said Henry Morton, president of Toronto-based Campus Suites Inc. which is working with a privately-held U.S REIT to convert a former Quality Inn hotel on Parc Ave. into a 140-bed student housing complex called Parc Cité.
“Expectations by students and parents are changing (over housing). It’s a combination of demand from foreign students and local students who are looking for a nicer lifestyle than what’s available in the regular (housing market).”
And with the Harper government last week announcing a $20-million fund to boost the number of foreign post-secondary students in Canada, demand for housing will only grow in both Montreal and Toronto, predicted Morton, whose company is also developing an 800-bed residence at York University.
Prices for a room at Parc Cité, which combines dwellings with on-site amenities like study areas, kitchens and laundry facilities, will be competitive with the cost of renting a one-bedroom apartment in the area, he said.
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