Press Release: Cosmopolitan Hotel Toronto : Skyline Announces Sale of Cosmopolitan Hotel Toronto

TORONTO, ON--(Marketwired - July 15, 2015) - Skyline International Development Inc. (TASE: SKLN) ("Skyline" or the "Company"), parent company of Skyline Hotels & Resorts, is announcing the sale of the Cosmopolitan Hotel Toronto to Vancouver-based Executive Hotels and Resorts (the "Purchaser") for $13 million. The sale, which was finalized July 8, 2015, will not impact the guests and clients of the 50 room upscale boutique hotel, now renamed to Executive Hotel Cosmopolitan. The transaction includes the sale of 29 Skyline owned rooms, lobby restaurant, conference rooms, spa space, parking and other amenities. Located at the heart of downtown Toronto, the mixed-use development was built by Skyline and first opened its doors in 2005.