The luxurious five-star Ritz-Carlton, Toronto hotel has officially been sold to a new ownership duo, following reports last year that the celebrity-frequented property was up for sale. Located at 181 Wellington St. W., the landmark hotel has been acquired by Pacific Reach, a Vancouver-based investment firm, and Toronto's Dilawri Group, Canada's largest automotive group. "We are thrilled to acquire The Ritz-Carlton, Toronto and leverage our years of experience owning and operating luxury hospitality assets, including the Rosewood Hotel Georgia, to build on the exceptional reputation of The Ritz-Carlton, Toronto," said Azim Jamal , CEO and Founder of Pacific Reach. The transaction price has remained private, though industry sources suggest that the hotel could have commanded a record-breaking sale price, reportedly $1.7 million per room. The move follows other high-profile transactions in Toronto's luxury hotel market, such as the nearby Bisha Hotel, which was acquired earlier this year by Sunray Group for $91 million.