10/27/2017 07:05 EDT | Updated 10/27/2017 08:00 EDT

Brookfield arm buys Sheraton hotel in Toronto for $335 million in landmark deal

The Sheraton Centre hotel in downtown Toronto has been purchased for $335 million by an arm of Brookfield Asset Management Inc.

The deal is the largest-ever single hotel transaction in Canadian history, says CBRE Canada, who acted as the broker for Marriott International.

The four-star hotel was purchased by a Brookfield-sponsored private real estate fund, says a spokesman for the Canadian alternative asset manager.

The Sheraton Centre has more than 1,300 guest rooms and is located in Toronto's financial district.

Bill Stone, CBRE's executive vice president of its hotel division, says the Sheraton was highly sought-after and had interest from foreign buyers as well.

Stone adds that he expects Marriott to continue operating the hotel.