A luxury hotel in downtown Toronto could sell for a record price, according to reports that the property is on the market for close to $450 million.

The Ritz-Carlton Toronto is reportedly for sale by owner Cadillac Fairview, and following initial reports in May, new details are leaking out about what could prove a landmark deal in the Canadian hotel industry.

Constructed in 2011, the luxury hotel occupies the first 20 floors of the 53-storey tower at 181 Wellington Street West, while the upper 33 levels are home to almost 160 condo units and residential amenities that would not be included in this sale.

Although the sale price has not been publicly disclosed, new details suggest Cadillac Fairview could fetch a record price for the property. The property owner is reportedly seeking $1.7 million per room, and, if reports are correct, the hotel's 263 rooms would all combine for a staggering sale price of $447.1 million.

The current record for a hotel sale in the country based on per-room value was claimed by the Hazelton Hotel in 2023, which was sold by First Capital REIT at $1.3 million per room to an investment firm, totalling $110 million and a 50 per cent stake in the hotel's ONE Restaurant.

A sale of the Ritz at the reported price would easily top this record for the most expensive hotel property sale in Canada.

The hotel has been a favourite of celebrities and visiting athletes throughout its 13 years of operation.

Former Toronto Blue Jays player Brandon Belt stayed at the property many times before signing a one-year, $9.3 million deal with the team in 2023, and developed a particular affinity for the luxury hotel's… chicken tendies?

"The Ritz Carlton in Toronto had the best chicken tenders I've ever had in my life. Just the right amount of crisp and super tender," wrote Belt in a 2019 blog post.

Belt even credited a big game to the chicken at the Ritz, writing, "I had a homer and a double in that two-game series, and I think it was the tenders."