Residence Inn Montreal Downtown
Sales Date: July 2012
Client: Och-Ziff Real Estate
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.