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Urgo acquires Residence Inn, Courtyard hotels at Montréal airport

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Published on 03/07/11 - Updated on 17/03/22

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Urgo Hotels has acquired the majority interest of its joint venture partner, Real Estate Group of Marathon Asset Management, in a pair of hotels near Montréal-Pierre Elliott Trudeau International Airport.

The 160-key Courtyard by Marriott Montreal Airport and the adjoining 169-key Residence Inn Montreal Airport traded for a combined US$39 million, or US$118,000 per key. Under terms of the transaction, Maryland-based Urgo has gained a controlling interest in the complex, as well as a long-term management contract.Urgo Hotels has seven properties in Canada—six of them in the province of Québec.The two-hotel complex shares public space and common areas, including 6,000 sq. ft. of function space, an indoor swimming pool and health club, as well as all back-of-the-house areas.Urgo Hotels has seven properties in Canada—six of them in the province of Québec.

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