The president of the Greater Toronto Hotel Association says the G20 summit will be an economic boon for the city.

Terry Mundel says the event next June will mean up to $17 million in hotel room revenue alone, and that doesn’t count food, beverages and entertainment.

He estimates there will be 40,000 to 50,000 “hotel nights” to provide accommodations for all the people in town for the meeting of the world leaders.

Prime Minister Stephen Harper, who is in South Korea, announced today that Toronto will host the G20 summit on June 26 and 27.

The site was moved from the Huntsville area to Toronto after concerns surfaced that the smaller Ontario venue could not provide all the resources necessary to stage such a huge event, while leaving the cottage country town to still host the smaller Group of Eight summit several days before.

Mundel says he’s not overly concerned about security risks at the hotels, saying they deal with movie stars, senior politicians and high-profile celebrities every day.

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