Exhibition Place Hotel X Development - Phase 2 Lands Design Concept Presentation

Under the current lease for Hotel X, the tenant Princes Gate Hotel Limited Partnership ("HKH") has an option to lease certain phase 2 lands to the west of the current property. By letter dated July 31, 2020 HKH gave formal written notice to the Board Chair and CEO of Exhibition Place that it wishes to exercise that option for the 2nd tower and other related amenities. The financial terms and conditions and concept/specifications/design plan surrounding the phase 2 parcel of lands need to be negotiated in advance between the parties and once finalized shall be subject to review and approval by both the Board and City Council. At its meeting of September 18, 2020 the Board received an information report on Hotel X Development - Phase 2 Lands, that the Tenant wishes to exercise its option rights for the 2nd tower and other related amenities after have they give formal written notice. The Board Decision resulted in the following adopted Motions: 1. Requested the Chief Executive Officer, Exhibition Place to commence discussions with City of Toronto Corporate Real Estate Management staff and Hotel X representatives to start negotiations on the Phase 2 development and report back to the Board on: the results of the discussions; terms and conditions for the development, including design concept; an overview of the approval process; and how the development will take into consideration the recent Exhibition Place Master Plan Hotel X principal shareholder, Mr. Henry Kallan and its Partners will be attending the Board meeting of October 26, 2020 to do a power point presentation on the progress o f the Phase 2 development design concept to date for the benefit of the Board Members .