Ontario-based real estate company Sunray Group has added a high-profile hotel to its already-extensive portfolio of hotel properties: the Bisha Hotel in downtown Toronto.
The 96-room Bisha Hotel is located at 80 Blue Jays Way, between King Street W and Wellington Street W just two blocks north of Rogers Centre.
Sunray Group announced the acquisition last week, but did not disclose the sale price. STOREYS has learned that the sale price was $91 million, which translates to $947,917 per room.
The sale was brokered by Alam Pirani, Robin McLuskie, Fraser MacDonald, Jessi Carrier, Hamir Bansal, and Russell Beaudry of Colliers, also known as the Colliers Hotels Team.
The Bisha Hotel
The Bisha Hotel was originally developed by Toronto-based real estate developer Lifetime Developments alongside lifestyle and entertainment company INK Entertainment Group. Completed in 2017, the hotel sits within a 44-storey tower that also includes 259 residences.
The building was designed by Wallman Architects while the interiors and amenity areas were designed by Alessandro Munge of Studio Munge. According to Lifetime Developments, the top floor of the hotel and an exclusive suite were designed by rock legend Lenny Kravitz through Kravitz Design, the studio he founded in 2003.
In September 2024, the Bisha Hotel was recognized by the Michelin Guide as one of the most outstanding hotels in Canada.
Bisha became the newest private-label boutique hotel brand to be founded in Toronto since the Four Seasons in the 1960s, but has now joined The Luxury Collection by Marriott, the first hotel in Canada to join the international collection of over 120 hotels. The hotel will continue to be managed by INK Entertainment under a management contract with Sunray Group.
Sunray Group
For Sunray Group, the Bisha Hotel adds to its ever-growing portfolio of hotels, which includes over 70 properties and 10,000 rooms, according to its corporate website.
The portfolio includes numerous hotels in rural parts of Ontario, as well as several in Saskatchewan and a few in Quebec. The hotels also operate under a diverse range of brands, including Holiday Inn, Best Western Plus, Comfort Inn & Suites, Fairfield by Marriott, Four Points by Sheraton, and others.
A suite within the Bisha Hotel in Toronto. / Bisha Hotel
The company was founded in 2006 by Rattan "Ray" Gupta, who currently leads the company as Chairman, President, and CEO.
Although hotels represent the largest segment of its portfolio, Sunray Group also owns five retirement homes in Ontario and several residential — primarily low-rise and mid-rise — developments, all in Ontario. It also owns a handful of gas stations and fast food restaurant chains.
The company has been very active in acquisitions over the years, primarily in the hotel sector, at one point doubling its portfolio of hotels from 20 to 40 within four years.
Among several new additions last year, Sunray Group acquired the Sheraton Ottawa in downtown Ottawa in February 2024 for a reported $43.2 million, in a deal that was also brokered by the Colliers Hotel Team.
