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Urgo Hotels Opens Two Marriott-branded Hotels
 at Montreal International Airport
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Courtyard and Residence Inn Located in Unique Development
MONTREAL, 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.”

Courtyard
The six-story Courtyard Montreal Airport offers160 guest rooms in a vibrant color scheme and contemporary décor, including flat screen televisions.  Spacious bathrooms provide large granite vanities, full-length mirrors and bright lighting.  Rooms feature the Marriott Revive bed, complete with luxurious sheets and a white custom duvet to ensure a peaceful night’s rest.  Appealing to both business and leisure travelers, other in-room amenities include a large, well-lit work desk, dual telephone lines with voicemail, high-speed Internet access, cable/satellite television and complimentary in-room coffee.

Residence Inn
 The Residence Inn Montreal Airport is the area’s first upscale extended-stay hotel which is targeted to guests who stay five nights or longer.  Providing the brand’s latest innovations, each of the 169 studio, one- and two-bedroom guest suites feature five “zones” for cooking, dining, working, relaxing and sleeping to ensure maximum comfort and convenience.  Highlights include granite countertops, luxurious bedding, and a multi-functional living area with a flat-screen TV.   The Residence Inn provides a 
complimentary hot breakfast and evening hospitality hour.

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. 

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Contact: 

 Jerry Daly 
(703) 435-6293

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Also See: Marathon 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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