From 1988 until 1993, the Royal York underwent a $100-million restoration. In 2001, the company which owns the hotel, Canadian Pacific Hotels, was reorganized into Fairmont Hotels and Resorts, adopting the name of the American company it had purchased in 1999. As a result of the company's re-brand, the Royal York was renamed the "Fairmont Royal York." In 2007 the Royal York, along with a number of other Fairmont properties, were sold to Ivanhoé Cambridge, although Fairmont continues to manage the hotel. The official welcome and reception for the leaders of the 2010 G20 Toronto summit was held at the Royal York Hotel on 26 June 2010. Due to its usage, the hotel was included in the Royal Canadian Mounted Police's designated security zones for the G20 summit. 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. Notable guests A number of notable guests have stayed at the Royal York. The hotel frequently serves as a three-to-four-month home for members of the film industry or newcomers to the adjacent financial core. The Royal York is also used as a host hotel for the Toronto International Film Festival, making it a popular residence during the film festival. Celebrity guests who have visited the hotel include Andrew Lloyd Webber, Ashley and Mary Kate Olsen, Jennifer Aniston, Jennifer Garner, Justin Bieber, Leonardo DiCaprio, Matt Damon, and Susan Sarandon. The hotel keeps records of its guests' preferences in order to best accommodate them. Employees of the hotel are forbidden from carrying cell phones, tweeting or sharing information on social media about the guests at the hotel. A number of heads of state, diplomats, and other foreign dignitaries have also stayed at the Royal York. During the 2010 G20 Toronto summit, the hotel housed eleven heads of state and heads of government. Heads of state that have stayed at the hotel include Nicolas Sarkozy, the President of France, and Ronald Reagan, the President of