In today's national post homes section, there is an ad for 550 Wellington, announcing the management for the hotel component of that project will be Thompson hotels...a boutique hotel company with locations in NYC and California.
I think that you need to consider the price that you would be paying for a 5star plus..the ritz which will also be on wellington has an entry of $800k, trump the same price as with the others. Ok, this wont be as plush but it will be a 4 to 4.5 star with an entry of $250k which is not bad when you compare it to the other prices. You pay for the hotel services on a pay per use basis so you dont get lumped with the costs and you dont pay commercial rates. Futher to this, the location of this condo hotel is set in the west (which is still posh as they say in the UK) and it is not surrounded by high rises, so you have a nice setting.
550 is the one across from the Tridel Icons and wedged between a Residence Inn and an office building right? How that property could compare to Ritz, Trump, Soho Met, or Le Germain is beyond me. The frontage and furnishings will need to be spectacular to make up for the lack of visibility or views.
The toronto council has plans to tree line and link victoria park (which 550 wellington faces) and clarence square. (if your search the toronto.ca you can read about this). Wellington street is one of the widest streets downtown and the buildings are set back on this street, they want to get rid of the parking and landscape the street to link the two parks. They also want trucks to only access the street through the back streets. I dont think that they will allow any high towers on the street.
Overall, i believe the setting will be great as you will be close to the entertainment, financial district and set away from it enough to enjoy a nice residential space.