Residence Inn Montreal Downtown

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Residence Inn Montreal Downtown

Sales Date: July 2012
Keys: 190
Price: $24,000,000
Client: Och-Ziff Real Estate

Buyer: Group Jesta
Cap Rate: 9.7%

Colliers Hotels acted as joint advisor to Och-Ziff Real Estate (NYSE: OZM) in the sale of the 190-room Residence Inn by Marriott Montreal Downtown to Groupe Jesta. This high-performing extended stay hotel was marketed to a select group of domestic and international capital sources seeking prime downtown exposure in one of Canada’s largest hotel markets.

The Hotel is managed by Marriott International under a long term agreement. The purchaser invested significant capital expenditures directly after purchase and was motivated by the prime location and strong in-place cash flow. In addition, the purchaser has a long-standing history with Marriott through their European holdings.

For More Information, Please Contact:
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Robin McLuskie

Managing Director | Hotels

Toronto Downtown

Robin has been with Colliers since 2003 and is responsible for hotel and resort investment sales, business development and client management. As Managing Director of Canadian hotel brokerage operations, she is an industry leader representing Canada's largest hotel owners, focusing on developing long-term client relationships and helping to establish Colliers as the advisor of choice to institutional capital and private investors.

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