A French-based hotel chain has announced a deal worth nearly $3 billion to acquire the luxury Fairmont, Raffles and Swissotel brands from the property arm of a major Ontario pension plan and investment companies in Qatar and Saudi Arabia.

One of the most recognizable landmarks in Toronto is celebrating its 85th anniversary.

Toronto's landmark Fairmont Royal York in Toronto and Hotel Vancouver have been put up for sale by the iconic hotels' current owner, Quebec's pension plan.