News for the Hospitality Executive |
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
Residence Inn
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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Jerry Daly
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