In years gone by, The Fairmont Royal York was the jewel of Toronto hospitality. The huge lobby across from Union Station still welcomes tourists with plush blue velvet and sparkling chandeliers. It really is something to behold. Though it still sparkles today, if you're looking for a fancy place to hang your head, you're probably more interested in boutique hotels along Queen W than sitting on the cusp of the financial district amidst the sterile high rises.
The rooms themselves aren't very updated or large, so for me this hotel is all about popping in for events in their ballrooms, a la Grace Kelly.
I'd also like to give this beautiful dame huge props for housing Toronto's only Benihana. Benihana is just so. Much. Fun.