We are pleased to report that we have successfully obtained a minor variance at the Committee of Adjustment to permit the conversion of the two apartments at 557 St. Clair Ave. W. to a two-suite boutique hotel.
We have applied to the City for a Municipal Accommodation Tax (MAT) license and expect to have that issued within the next couple months. Once we have the MAT license we will be able to list the units for rent on all of the Online Travel Agencies.
The signficant regulatory hurdles required to legally operate a hotel in Toronto are an entry barrier for many potential competitors in this space. The City's crackdown on unauthorized short-term rentals and commitment to double such efforts have also given us a competitive advantage.
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