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Knightstone Hotel Group acquires Courtyard & Residence Inn by Marriott Montreal Airport
Knightstone Hotel Group Inc., an affiliate of Knightstone Capital Management Inc., has announced the acquisition of the 329-room, dual hotel complex comprised of the Courtyard by Marriott and Residence Inn by Marriott at Montréal Airport.
Knightstone Hotel Group Inc., an affiliate of Knightstone Capital Management Inc., has announced the acquisition of the 329-room, dual hotel complex comprised of the Courtyard by Marriott and Residence Inn by Marriott at Montréal Airport — located near Montréal-Trudeau International Airport and surrounded by Technoparc Montréal and 100 million square feet of commercial property.
Following the purchase, the hotels will undergo a full, phased renovation of the guestrooms and common areas to modernize and continue to improve the property. The phased renovation will take place over the two subsequent winter periods, both hotels will remain open and operational during the renovation with minimal interference to the guest experience.
“This acquisition of strong-branded and historically high performing assets fits directly into Knightstone’s investment strategy of acquiring prime hotel assets across Canada. We are long-term investors with confidence in the recovery and success of the Canadian hospitality sector,” said Alan Perlis, President and CEO of Knightstone Capital Management Inc.
“This acquisition gives Knightstone the opportunity to own an established and resilient Montréal hotel asset while offering strong returns for our investors,” said Bill Stone, President of Knightstone Hotel Group. “We anticipate that 2022 will be an active year for transactions and Knightstone plans to continue growing its portfolio through sourcing attractive, value-add hotel opportunities in major urban and suburban Canadian markets.”
Built in 2006, the hotels feature 329 guestrooms, 5,800 square feet of function space, a full-service restaurant and bar, and a range of guest amenities including an indoor pool and a fitness centre. Urgo Hotels & Resorts will continue to manage the property.