Toronto One Front | 170.86m | 49s | Larco | a—A

I don’t think Toronto can support another 5-star hotel right down the street from the Fairmont.

Agreed. Prices in the low-mid range hotels have doubled over the last 4 years but the top-end (St. Regis, Shangri-La, Ritz) in the financial core have been pretty steady. Reduced business travel left a bit of a glut on 5-star chain rooms. I have no idea how the boutique hotels are doing.