January 21, 2005

U.S. firm to build $45M complex in Montreal

MONTREAL

U.S. hotel firm Urgo Hotels will build a $45-million, two-hotel complex at Montreal International Airport, the company said Wednesday.

The 330-room development will consist of a 170-unit Residence Inn by Marriott and a 160-room Courtyard by Marriott, Urgo said in a release.

Urgo Hotels, a Maryland-based owner and operator of upscale hotels, last week bought a Residence Inn by Marriott in the heart of Montreal’s business and entertainment district, for $25 million.

It will build the hotels in partnership with the Real Estate Group of Marathon Asset Management.

The new hotels will bring to eight the number of properties owned and operated by Urgo Hotels in Canada, including seven in Quebec. Construction was expected to begin in May with a planned opening date in July 2006.

“We entered the Canadian market eight years ago with our first project and continue to find the market very attractive,” said Kevin Urgo, senior vice-president.

Montreal-based general contractor Divco Ltd. will build the hotels.

The two will be housed in adjacent six-storey towers connected with a lowrise public space structure, Urgo said in a release.

“The two properties will offer a different type of hotel experience and have separate entrances and lobby areas,” the company said.

“The hotels will share certain amenities and services, including a restaurant and lobby lounge, indoor swimming pool and spa, a health club, a business centre, gift shop and 6,000 square feet of meeting space.”

The hotels will serve both the business and leisure travel markets, the company said.

Urgo owns or operates 17 upscale hotels with 2,845 rooms in the United States and has two properties under construction and several under development in the U.S. and Canada.

The Canadian Press

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