JLL has been retained by Urgo Hotels & Resorts to market for sale a portfolio of five properties across Eastern Canada. This offering provides investors the investment opportunities to own best-in-class assets unique to their respective markets, situated in strategic locations in high barrier-to-entry markets, with superior brand name recognition.
The portfolio, which includes 650 guest rooms and more than 12,000 square feet of meeting space, features the combined 329-room Marriott Courtyard/Residence Inn Montreal Airport, the 124-room Marriott Springhill Suites in downtown Montreal (Old Montreal), the 111-room Marriott Hotel in downtown Quebec City, and the 86-room Marriott Courtyard St. John’s Newfoundland.
Senior Vice Presidents Mark Sparrow and Luke Scheer are leading the JLL team on the transaction.
“Atlantic and Central Canada’s lodging markets are experiencing steady growth, evidenced by significant increases in revenue per available room,” said Sparrow. “After a strong performance in 2015, nearly all of the region’s submarkets have shown continued growth into 2016. With strengthening fundamentals, and stability in the Canadian market combined with a relatively low Canadian dollar, we anticipate strong local, North American and international interest.”
“This portfolio is comprised of institutional-quality assets that merge well with current market dynamics,” said Scheer. “With more than $14 million in capital improvements over the past five years, the portfolio presents investors with an opportunity to acquire modern properties in exceptional condition, located in some of Canada’s most lucrative markets.”
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling more than $68 billion worldwide. Between negotiating property deals, the group’s 350-person global team also closed more than 4,400 advisory, valuation and asset management assignments.