A little-known European company with big ambitions has drawn public outrage in Canada’s largest city.
The company, which runs a spa and water park in Romania, is laying extensive plans to develop similar facilities around the world. Its contract in Toronto has offered a blueprint of sorts — a favorable 95-year lease in which the Ontario government bears the upfront costs of hundreds of millions of dollars.
Auditors last year found the contracting process had been unfair and opaque, just as the European spa company, Therme, was pushing forward its plans for a multibillion-dollar expansion to other major cities in North America, Europe and the Middle East.
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