Located near the convention center at 1255 Jeanne-Mance St., the 20-story property is part of the Complexe Desjardins, a multi-use complex with a shopping mall and more than two million sf of meeting space. The hotel was developed in the mid-1970s for the Montreal Winter Olympics. It was previously operated under the Meridien brand. It was re-flagged as a Hyatt property in December.
The rate on the loan floats over CBAR, the Canadian Bankers Acceptance Rate. The spread was not disclosed.
GMAC Commercial Mortgage of Canada is an entity of GMACCM Hospitality Industry Division, which also recently provided funding a loan for CNL that was secured by its Courtyard by Marriott in San Francisco.
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