KingSett Capital and Fairmont Royal York announced that the landmark hotel in Toronto has received the Canada Green Building Council’s (CAGBC’s) Zero Carbon Building – Performance Standard certification. This $65 million project was completed after close to five years of detailed planning and execution. It will reduce over 7,000 tonnes of carbon annually or 80 per cent of the hotel’s annual carbon emissions, the equivalent of taking 1,558 cars off the road.
“Fairmont Royal York’s decarbonization demonstrates the potential to complete a large and complex project in a way that is environmentally impactful, socially responsible and economically viable. It is a compelling example of what can be accomplished through collaboration, innovation and creativity. For KingSett, this investment highlights how decarbonization can strengthen a key asset in our portfolio as part of our sustainability and value enhancement strategy,” said Jon Love, founder and CEO of KingSett Capital.
“This complex project would not have been possible without our strong partnership with Fairmont Hotels & Resorts, the Canada Infrastructure Bank (CIB), PCL Construction, and Enwave Energy Corporation,” he added.
“Fairmont Royal York achieving Zero Carbon Building Performance certification is another transformative step in repositioning this unique icon in Toronto’s downtown core. Decarbonizing a 94-year-old heritage building and retrofitting the hotel’s energy systems to be highly energy efficient was a complex challenge. We’ve proven that it can be done,” said Edwin Frizzell, regional vice president, Central Canada and General Manager, Fairmont Royal York.
This decarbonization project represents the largest heritage hotel retrofit of its kind within the Fairmont global brand portfolio and offers a definitive roadmap for creating sustainable energy sources for similar properties.
“Our valued clients and partners with similar corporate sustainability objectives will benefit from access to hotel rooms and meeting and event spaces aligned with our focus on creating genuine experiences and implementing long-term sustainability actions that deliver results,” added Frizzell.
Among several key initiatives, the hotel has eliminated single-use plastics for guests and reduces food waste with AI technology and donation partners. The local ecosystem is supported by 500,000 honeybees from the hotel’s rooftop garden and apiary. The renovations to Fairmont Royal York’s lobby, guestrooms, Fairmont Gold offering, award-winning dining venues and event spaces reflect the hotel’s transformation and enhance this destination’s global consumer appeal as a world-class luxury hotel in Canada’s financial centre.
Fairmont Royal York achieving the annual CAGBC Zero Carbon Building – Performance Standard certification demonstrates how partnership between the private and public sectors can meaningfully accelerate action towards meeting Canada’s carbon reduction commitments. The project was supported by the CIB’s Building Retrofits Initiative, which provided $46.5 million in debt financing.
“Congratulations to KingSett Capital and Fairmont Royal York on this industry-leading achievement,” said Marc Pascoli, senior vice president, PCL Constructors Canada Inc. “As evidenced on this project, if a 94-year-old heritage asset can be decarbonized to achieve energy efficiency targets that reduce annual carbon emissions by 80%, the possibilities are endless. With forward-thinking leadership and a positive mindset, investment, strategic partnerships, and a passionate pursuit of shared goals, PCL and our partners are proud to help chart the path to net zero.”
Featured image: (KingSett Capital)