On 28 October 2014, it was announced the hotel's ownership was reorganized. In In a joint venture, KingSett Capital Inc. and InnVest Real Estate purchased 80 percent of the Royal York property from Ivanhoé Cambridge in 2014. As the venture's managing partner KingSett acquired a 60 percent share of the Royal York property, whereas InnVest acquired a 20 percent share of the property. Ivanhoé Cambridge maintained a 20 percent stake in the property's ownership. Following the sale of the hotel, its new owners announced a C$50-million renovation of the hotel.