was sold, and their lease was not renewed. In 1988, Giant Step Realty signed a 99-year lease on the Inn. Giant Step had big plans for the site, including the conversion from 96 rooms to 437 rooms, removal of mature forest and architectural remnants. A new west wing was planned to be ten stories with 204 suites, a cultural centre and a conference centre. Guildwood Parkway would have to be widened to four lanes. The plan was strongly opposed by the Guildwood Village Community Association. Metro Toronto and Scarborough rejected the plan, rejecting the zoning amendment needed for it to proceed. In 1993, Giant Step closed the Inn after neglecting the gardens and Inn. Metro Toronto Parks took over and Ifield Hotel Association took over management. In 1999, the park was designated a heritage property by the Heritage Canada Foundation. The inn's fortunes declined. By 2001, the hotel and restaurant were closed, leaving only the park remaining open to the public, while new tenants were sought. A non-profit group called Artscape approached the city with a proposed strategy for a cultural precinct on the Guild Inn site, which was met with interest. More concrete plans came, however, in September 2008, when the city approved a plan by Centennial College to operate a hotel, restaurant, and conference centre on the site for use in the school's hospitality courses, as well as to act as a location to house the college's Cultural and Heritage Institute. Though a fire on December 25, 2008 destroyed The Studio, preparations for Centennial's development continued, and the city in January 2009 approved the demolition of the hotel tower. Centennial College eventually abandoned the plan to renovate the Inn as too costly. A second plan proposed by Centennial College to demolish the inn and build student housing was rejected. In 2011, The Guild's iconic Greek Stage was the back setting for Canadian rapper Drake’s lead single from his sophomore album, "Take Care". In 2013, the Toronto Star reported that the park was in a state of decay with sculptures eroding and some plaques missing. The Heritage Canada Foundation characterized the park's situation as one of "demolition by neglect". A volunteer group, Friends of Guild Park and Gardens, was formed that year with a goal to protect the park and inn. That year, the City of Toronto approved the selection of Dynamic Hospitality and Entertainment Group to design, build,