 Aw sold Singtao Holdings in 1999.The university purchased the hotel for C$67.6 million in 2003 from Global China Group Holdings (the new owner of ex-Sing Tao Holdings' media business) and other owner of the joint venture, at the height of a downturn in Toronto's hotel industry.Prior to buying the hotel the University of Toronto had rented space to house 400 students at the Primrose Hotel at Jarvis and Carlton.