News for the Hospitality Executive
Quebec/BETHESDA, Md., January 9, 2007—A joint venture comprised of Urgo
Hotels, a major developer, owner and operator of upscale hotels, and the
Real Estate Group of Marathon Asset Management, a private investment fund,
today announced the grand opening of the 160-room Courtyard by Marriott
and 169 suite Residence Inn by Marriott at the Montreal International Airport.
The unique two-hotel complex is situated on a 3.25-acre land parcel at
7000 Place Robert-Joncas. Located at Trans-Canada Highway exit 63 and Cavendish
Boulevard, the hotel complex is within a few minutes drive of the Montreal
International Airport and Technopark Saint-Laurent, Canada’s largest business
park devoted to aerospace, biotechnologies, pharmaceutical, information
and telecommunication technologies industries.
“What makes this project unique is the combination of two distinctive hotels on one site,” said Kevin Urgo, senior vice president of Urgo Hotels. “While each is separate, appealing to different guests segments, the hotels share certain common areas. This is our fourth property in Montreal and our eighth in Canada,” he noted. “We believe there is substantial demand for quality, internationally branded hotels in Canada, and it is our goal to play a significant role in meeting that demand. We aggressively are looking for additional development opportunities throughout the country.”
“We have developed a strong relationship with Urgo Hotels and have developed three properties with them over the past few years,” said Jon Halpern, Managing Director of Marathon Real Estate. “We recently sold the Residence Inn Montreal Downtown, a joint-venture project we created together, at a very attractive return for our investors. We remain in an active investment mode and remain quite interested in Canada for further hotels and other types of development.”
The two hotels have separate entrances and lobbies but share certain public space, including Orville, an upscale French restaurant, lobby lounge, indoor swimming pool and spa, a health club, a business center. The complex offers 7,000 square feet of state-of-the art meeting space, capable of accommodating meetings and banquets for more than 300 people. Both hotels are smoke-free.
Marathon Asset Management, LLC, formed in 1998, currently manages more than $8.0 billion USD in capital, or approximately $15.0 USD billion in assets. The firm’s Real Estate Group invests in assets across property type, providing globally innovative equity and financing solutions to value-added opportunities by aligning with local real estate experts.
Urgo Hotels Canada, ULC, is a subsidiary of Urgo Hotels, a Bethesda, Md.-based hotel company that develops, owns and operates distinctive and unique hotels in major markets in Canada and the United States. The company’s other Quebec province properties include the Marriott Residence Inn and Homewood Suites by Hilton in Mont-Tremblant, the Marriott SpringHill Suites in Old Montreal, the historic district in downtown Montreal, and the Quebec City Courtyard by Marriott. Other company properties in Canada include the St. John’s, Newfoundland Courtyard by Marriott. The company also owns and/or operates upscale hotels in the United States for a total of 16 hotels and over 2300 rooms and has other properties under construction and under development in the U.S. and Canada.
Real Estate and Urgo Hotels Partner in Building US$36.5 million Residence
Inn and Courtyard Hotel
Complex at Montreal-Trudeau International Airport / July 2005
|Urgo Hotels Acquires the 190 unit Residence Inn by Marriott, Downtown Montreal for $ 19.7 million / January 2005|
|Urgo Hotels Tremblant II, ULC Opens First Canadian Homewood Suites in Mont-Tremblant, Quebec / March 2003|
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