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Marathon, Urgo Funding 330-Room Hotel Development

MONTREAL-Marathon Asset Management and Urgo Hotels are developing a $45-million (US$36.5-million) 330-room Residence Inn and Courtyard Hotel complex on 7.7 acres of land two miles east of the Montreal-Trudeau International Airport.

By Brian K. Miller | Updated on July 10, 2005

MONTREAL-Work on a 330-room hotel complex got under way last week on 7.7 acres of land two miles east of the Montreal-Trudeau International Airport. The two-hotel complex will consist of a 170-suite Residence Inn and 160-room Courtyard Hotel. Completion is slated for next summer.The buildings will be adjacent to each other with a connecting low-rise public structure. Each hotel will maintain its own entrance and lobby area but will share amenities such as a restaurant, lounge, indoor pool and whirlpool, a health club, a business center and 6,000 sf of meeting space. The $45-million (US$36.5-million) endeavor is a joint venture of New York City-based investment management firm Marathon Asset Management and Urgo Hotels of Bethesda, MD. GE Commercial Finance is the construction lender for this latest project. Divco Limitee is the general contractor and also is an equity investor in the project.MRE and Urgo Hotels also own an adjacent 3.25-acre land parcel zoned for commercial use. The partnership is reviewing its options for either a sale or future development.Marathon has over $4.3 billion of equity under management with total assets under management of $9 billion. Urgo owns and/or operates 17 upscale hotels with 2,845 in the United States and two hotels under development in the US and Canada.MRE and Urgo also recently joined forces to acquire and renovate the Downtown 190-room Residence Inn in Montreal, a four star extended-stay facility.

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