Freed Hotel and Residences is a tower planned for 240 Adelaide Street West in the Entertainment District. Freed Developments intends to combine about 100 hotel rooms with roughly 400 condominiums, a Katsuya restaurant, a spa and a bar and restaurant on the 63rd floor. Condo suites start at $569,900.
What buying in a hotel building involves
A condo above a hotel is a different product from a standard tower. Owners often get access to hotel services such as housekeeping, room service or a concierge. The points to check are these:
- Fees. Shared facilities such as the lobby, elevators and amenities are split between the hotel and the condo corporation under a cost-sharing agreement. Maintenance fees in hotel-branded buildings tend to be higher than average. Ask for the estimate per square foot.
- Rental rules. Do not assume you can rent the suite by the night. Toronto restricts short-term rentals to a principal residence, and the condo’s own declaration may add limits. Get the rule in writing.
- Financing. Some lenders are cautious about mixed hotel and condo buildings. Check with a mortgage broker early.
The longest timeline on this site
Completion is estimated for early 2030, more than three years away. The deposit is 15 per cent over 1,200 days, or $85,485 on the starting price. A lot can change in that time, including interest rates, your own plans and the condo market. Tall, complex towers are also the projects most likely to run late. Buy this only if a delay of a year or more would not cause you a problem.
Price
The starting price is about $82,000 below the City of Toronto’s average resale condo price of $651,648 in August 2026. In a luxury building, that points to a compact suite. Ask for the square footage before comparing.
The location
Adelaide and Duncan is in the middle of the Entertainment District. Roy Thomson Hall, the TIFF Lightbox, the theatres on King Street and the PATH network are a few minutes on foot. St. Andrew and Osgoode stations on Line 1 are both close. It is a lively area late at night, which suits some buyers and not others.
Questions to ask
- On which floors do the residences begin?
- Which hotel services are available to owners, and at what cost?
- What happens to the amenities if the hotel operator changes?
Closing costs at the starting price
Land transfer tax on $569,900 in Toronto is about $15,746, or $7,271 for a first-time buyer after rebates, including Toronto's municipal tax. New homes also carry builder closing adjustments such as development charges, utility connections and Tarion enrolment, which are set out in the agreement and are often capped on request. Have a lawyer review the agreement during the 10-day cooling-off period on a new condominium. The land transfer tax calculator and the HST rebate guide cover the rest.