TORONTO -- Omni Hotels & Resorts has signed a deal to take over management and operation of Toronto's King Edward Hotel on Aug. 1 and acquire a stake in the landmark property.

The 110-year-old property will be renamed the Omni King Edward Hotel.

The hotel is currently run by Skyline Hotels and Resorts, a subsidiary of Skyline International Development Inc.

Omni Hotels Corp. will join Skyline International, a Toronto-based developer, as a partner in the King Edward Hotel's ownership group, King Edward Realty Inc., along with Alex Shnaider, Serruya Realty Group and Dundee KE Limited Partnership.

The hotel is undergoing a $40-million renovation that will include an overhaul of 300 guest rooms, updates to the hotel lobby and the restoration of its Crystal Ballroom.

Skyline Hotels started managing the hotel in July last year.

"As Skyline evolves we continue to seek out new partners and organizations that will contribute to our success and growth as both a development company and a hotel and resort collection," said Skyline Hotels president Kevin Toth.

"We've worked closely with The King Edward's operations team since the hotel was purchased in March 2010 and that relationship will certainly continue with Omni."