Real Estate Advisory and Starwood Hotels & Resorts Worldwide announced today the conclusion of an agreement whereby Starwood has acquired a 49% interest in SEC Square Victoria Limited Partnership, the owner of the W Montreal hotel located at 901 Square Victoria. For the purposes of the transaction, the hotel was valued at CA$34.8 million (approximately US$29 million). Starwood’s management contract has been extended as part of the transaction.
“This investment reflects our satisfaction with the project carried out by CDP Capital - Real Estate Advisory,” said Ted Darnall - President, Starwood Real Estate Group. “The W Montreal is a stunning hotel that meets the expectations of the brand’s sophisticated international clientele. It also reflects our confidence in the Montreal market and our long-term vision for W in Canada.”
“We’re very pleased with this strategic transaction, which has created a partnership in which the hotel’s manager also becomes a co-owner. As a result, the parties’ interests are better aligned, which is a significant positive development in our strategy of enhancing the value of this investment over the long term, in the interests of our depositors,” Mr. Richard Dansereau, President and Chief Operating Officer of CDP Capital - Real Estate Advisory, stated, pointing out that Starwood, one of the largest and most respected hotel companies, offers world-class expertise and one of the world’s most sophisticated reservations systems.