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GlobeSt.com UPDATE: Local Private Investor Buys Chateau Royal

MONTREAL-Locally based private investor Cromwell Management acquires the 124-suite Downtown hotel with plans to convert the property into rental apartments.

By Brian K. Miller | Updated on August 29, 2005

MONTREAL-Philadelphia-based equity investor Lubert Adler Real Estate Funds has sold the Château Royal here to locally headquartered private investor Cromwell Management, which plans to convert the 124-room property into rental apartments. The property is believed to have changed hands for around $15 million.

The all-suite property is located Downtown at 1420 Crescent St. The immediate area is a prime location for restaurants, bars and clubs and is a popular destination for tourists and residents. The unit mix includes studio, one-bedroom and two-bedroom suites, each with its own fully equipped kitchenette.

“Château Royal will be the first building in Downtown Montréal to be converted to rental apartments in many years,” says Alexandra Faciu from Jones Lang LaSalle Hotels’ Montréal office, who brokered the sale with New York-based executive Alan Tantlef. “This should bring some relief to a very tight rental market and more alternatives to residential users.”

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