Toronto hotel will be RIU’s next urban venture

Riu Hotels & Resorts has opened a Chicago hotel, one of a growing number of properties bearing the RIU name that are found in urban settings.

And a company that began life by hosting beach vacationers is preparing to make its debut in this country, choosing our largest city as its venue. 

“I would like to highlight once again how proud and happy we are with the Riu Plaza Chicago, a 28-storey skyscraper at 150 East Ontario Street in the Magnificent Mile neighbourhood,” says Ricardo Luque, corporate director for RIU Plaza, RIU’s urban hotels brand. “It is the fifth urban hotel in the United States. It’s located on the Magnificent Mile, in the heart of the city, and the rooftop bar, which will be operating in September, will have a glass balcony (88 metres high) on the 27th floor. It follows the architectural traditions of the Chicago School, characterized by its innovative approach to skyscraper construction by combining the use of steel and glass structures with ornate and detailed designs. This new acquisition adds a very elegant and unique touch to the RIU Plaza collection.”

Luque adds that interest in the Chicago hotel is “very encouraging,” with the occupancy rate for the coming months expected to be around 75%. North Americans and Europeans alike will be filling the rooms.

RIU began what Luque labels “this urban adventure” in 2010 with the opening of the Riu Plaza Panama in Panama City and has continued to expand to some of the world’s main capitals. It currently has 11 RIU Plaza properties: the Riu Plaza Panama; the Riu Plaza Guadalajara in Mexico; the Riu Plaza España, which is located in the famous Edificio España building in Madrid; the Riu Plaza Miami Beach, Riu Plaza Fisherman’s Wharf in San Francisco, Riu Plaza New York Times Square and Riu Plaza Manhattan Times Square in the United States; the Riu Plaza Berlin; the Riu Plaza London Victoria; the recently refurbished Riu Plaza The Gresham Dublin; and the newly opened Riu Plaza Chicago.

A main feature of RIU Plaza hotels is their premium locations, which Luque says are always in the centre of some of the world’s major cities. As well, guests have the option of a full breakfast buffet.

Despite its growing inventory of urban hotels, Luque says RIU will continue to primarily cater to those seeking sun vacations.

“Currently 90% of our portfolio is made up of holiday resorts and 10% of urban hotels and we want to maintain this proportion,” he says. “The holiday hotel segment is our core business since RIU started in Spain in 1953, while the city establishments bring a lot of value to the brand, and the assets, almost all of which are owned, have a lot of value given their top locations.”

Upcoming RIU Plaza properties will include the Riu Plaza Toronto, which will become the company’s first Canadian property when it opens next year in Toronto’s financial centre and Entertainment District.

Luque says Canadians are familiar with the RIU brand, with many of us having stayed in RIU properties in Mexico and the Caribbean and now the “Canadian guests will be able to experience the RIU product on home soil.”

The upcoming Toronto property will have 352 rooms and feature the likes of meeting rooms, a gym, lobby bar and a restaurant.

“In our expansion strategy, we continue to focus on the destinations where we have a strong presence, such as Mexico, while at the same time we are looking for opportunities in urban destinations, as well as in holiday areas in new countries for RIU in Asia and Africa,” he says. “After so many years of experiences, we have a well established business model, with a clear vision of the product we want to offer and what destinations are attractive to our guests. That is why we are always on the lookout for new opportunities that arise in the market and that our experience allows us to analyze very quickly in order to make agile decisions.”

Opening in 2027 will be the Riu Plaza Broadway, RIU’s  third hotel in New York City. It will join the Riu Plaza New York Times Square and the Riu Plaza Manhattan Times Square. The upcoming hotel will become the largest of the three, with 673 rooms.

“We are always open to analyzing new opportunities in different cities,” Luque adds. “At the moment we are very excited with our current two new projects.”

Meanwhile, Luque says opening a hotel involves plenty of work but is rewarding.

“When we start a new project, we already know that it is going to be an exciting and challenging path,” he says. “Every project has its difficulties and its joys. Getting a hotel from scratch takes a huge amount of work. When this new project is in a big city, the challenge is even bigger due to the logic complications that a new construction has when being in the centre of a busy city area. However, we have learned a lot in the past 13 years.” 

Every city has its “particularities,” and RIU has to adjust to local regulations when opening a property, regardless whether it’s in Madrid, London or Chicago, Luque adds.