The most secretive boutique hotel in Toronto looks to have fallen on hard times. Rumours are swirling that the Templar Hotel, located at 348 Adelaide St. W., has fallen into a power of sale after the hotel's mortgage fell into arrears, with an initial list price of $13 million.

The Templar has never exactly been stable. The tiny boutique hotel, at just 27 rooms, has only been open for about two years, but was conceived way back in 2000 and spent much of the next decade as a half-finished concrete shell. After about eight years of protracted, on-again off-again construction, it finally opened in 2012, quickly becoming a popular destination for big brands renting out the hotel space for events. The splashiest example: Target's takeover at TIFF 2012.

Though the mortgage-holder now has the power to sell off the hotel, it appears to be business as usual for now, with the hotel still accepting reservations - though the schedule is looking pretty open.