Courtyard & Residence Inn Montreal Airport
Sales Date: June 2011
Client: Marathon Real Estate
Buyer: Artery Group / Urgo Hotels
Cap Rate: 8.2%
Colliers International Hotels acted as joint advisor to Marathon Real Estate in the sale of the 160-room Courtyard by Marriott and 169-room Residence Inn by Marriott located in Montreal, Quebec to a US group (one of two cross-border buyers for 2011 — both of which were represented by Colliers). These dual-branded hotels benefit from an ideal location near the Montreal Pierre Trudeau International Airport and Saint Laurent Technoparc, which is Canada’s largest industrial park and home to over 4,000 companies. The Hotels were newly constructed in 2006 to extremely high standards and quickly became the premier lodging assets in the market. Our team conducted an aggressive campaign aimed at a target market of major Canadian and US buyers that ultimately resulted in multiple bids.