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Starwood Buys Into W Montreal

MONTREAL-Publicly traded Starwood Hotels & Resorts Worldwide acquires a 49% interest in the 152-room high-end hotel it manages in Old Montreal. The acquisition price was about $14 million.

By Brian K. Miller | Updated on January 02, 2005

MONTREAL-Starwood Hotels & Resorts Worldwide is now a 49% owner of W Montreal, a 152-room high-end hotel here that it manages. Publicly traded Starwood acquired its interest from heretofore 100% owner CDP Capital, a Quebec-based real estate investment advisory. The hotel is located in the newly renovated Banque du Canada Building in Old Montreal. The hotel opened in 2004. CDP Capital says the hotel was valued at approximately $29 million ($34.8 million loonies). By that measure, Starwood’s 49% interest was acquired for about $14.1 million.Canada’s first and only W Montreal is located at 901 Square Victoria, in the city’s Cite International District. Officially, Starwood purchased an interest in SEC Square Victoria, the limited partnership that owns the hotel. As part of the deal, Starwood’s management contract was extended.

Starwood owns and/or manages about 750 properties located in about 80 countries. It employs about 110,000 workers. Its brands include St. Regis, the Luxury Collection, Sheraton, Westin and W. CDP Capital conducts merchant banking and provides real estate advisory services worldwide. Its assets under management top $15.2 billion.

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