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Montreal Landmark Comes to Market

MONTREAL, QUEBEC-The 22-story, 124-unit Château Royal Hotel and Suites in the heart of the city's restaurant and entertainment district is on the market. "You would not be able to build anything of this density or height today," the listing broker tells GlobeSt.com.

By Brian K. Miller | Updated on February 16, 2005

MONTREAL, QUEBEC-The 22-story Château Royal Hotel and Suites in the historic Museum District here is on the market. The 124-unit boutique hotel is owned by the Philadelphia-based private equity firm Lubert-Adler. Jones Lang LaSalle Hotels has the disposition assignment.JLL Hotels executive vice president Alan Tantleff tells GlobeSt.com the property is located on Crescent Street, in the heart of the city’s restaurant and entertainment district. It is close to major attractions such as the Museum of Fine Arts and St. Patrick’s Cathedral, and the upscale shopping area on St. Catherine Street. Lubert-Adler is selling the property in order to capitalize on improving residential and hotel fundamentals, says Tantleff. The property is currently under performing, but because of its all-suite configuration and its location, it has great potential as a conversion play, he says. “You would not be able to build anything of this density or height today,” says Tantleff. “This is an ideal property for a condo-hotel concept.”There is no asking price on the property. While Tantleff declined to estimate its value, local brokers familiar with the property say it should fetch between $15 million and $18 million, which translates to $125,000 per key.

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