MONTREAL, Quebec/BETHESDA, Md., June 29, 2011—Urgo Hotels, a major developer, owner and operator of upscale hotels, today announced that it, along with a group of private investors, has acquired the majority interest of its joint venture partner, the Real Estate Group of Marathon Asset Management, in the 160-room Courtyard by Marriott and the adjoining 169-suite Residence Inn by Marriott at the Montreal International Airport, based on a substantially discounted value of $39 million, or $118,000 per room. Under terms of the transaction, Urgo Hotels gained a controlling interest in the complex, as well as a long-term management contract.
unique, two-hotel complex is situated on a 3.25-acre land parcel at
Robert-Joncas. The hotels share public space and common areas,
some 6,000 square feet of function space, a large indoor swimming pool
health club, as well as all back-of-the-house areas. 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
park devoted to aerospace, biotechnologies, pharmaceutical, information
telecommunication technologies industries.
been a great asset for us since we opened in 2007, and we could not
pass up the
opportunity to gain controlling interest,” said Kevin Urgo, a principal
Hotels. “With the long-term management contract in place, we will
capitalize on the synergies and economies of scale that are inherent in
unique two-hotel project.
seven hotels in Canada, six of them in the province of Quebec.
investment demonstrates our deepening commitment to this growing
“We believe there is substantial demand for quality,
premium-branded hotels in Canada, and we intend to continue to look for
opportunities to develop, acquire and third-party manage hotels both in
and in the United States.”
Courtyard by Marriott
six-story Courtyard by Marriott Montreal Airport offers 160
rooms with flat-screen televisions and spacious bathrooms with large
vanities, full-length mirrors and bright lighting. Rooms feature
Marriott Revive bed, complete with luxurious sheets and a white custom
ensure a peaceful night’s rest. Appealing to both business and
travelers, other in-room amenities include a large, well-lit work desk,
telephone lines with voicemail, high-speed Internet access,
television and complimentary in-room coffee.
Residence Inn Montreal Airport is the area’s first upscale
targeted to guests who stay five nights or longer. Providing the
latest innovations, each of the 169 studio, one- and two-bedroom guest
features five “zones,” for cooking, dining, working, relaxing and
ensure maximum comfort and convenience. Highlights include
countertops, luxurious bedding, and a multi-functional living area with
flat-screen TV. The Residence Inn provides a complimentary hot
and evening hospitality hour.
hotels have separate entrances and lobbies, but share certain services
public space, including a complimentary airport shuttle; complimentary
Orville, an upscale French restaurant; lobby lounge; indoor swimming
spa; health club; and a business center. The complex offers 6,000
feet of state-of-the art meeting space, capable of accommodating
banquets of more than 300 people. Both hotels
About Urgo Hotels Canada, ULC
Hotels Canada, ULC, is a subsidiary of Urgo Hotels, a Bethesda,
company that develops, owns and operates distinctive and unique hotels
markets in Canada and the United States. The company’s other
province properties include the Marriott Residence Inn and Homewood
Hilton in Mont-Tremblant, the Marriott SpringHill Suites in Old
historic district in downtown Montreal, and the Quebec City Courtyard
Marriott. Other company properties in Canada include the St.
Newfoundland Courtyard by Marriott. The company also owns and/or
upscale hotels in the United States for a total of 29 hotels with more
4,300 rooms and has other properties under construction and under
in the U.S. and Canada.