Ugly TD tower in Toronto?
She's a beaut, especially in person, also designed by AS+GG.
And yes the Simpson reclad was entirely designed, constructed and managed by 3rd party. To my knowledge CF had nothing to do with it, and even continues to not manage the building.
As for why a 4 start hotel? Well I believe CF was proposing a 5 star hotel, not 4. And presumably the justification is this is an extremely expensive part of town to both buy land and build, so a 4-5 star is about the only level you could successfully underwrite.