Jones Lang LaSalle Markets Ch‰teau Royal Sale
Jones Lang LaSalle Hotels has been appointed to market for sale the 124-room Ch‰teau Royal Hotel and Suites. The property is located on prestigious Crescent Street in the historic Museum District, and is close to major attractions such as Musée des Beaux Arts (Museum of Fine Arts) and St. Patrick’s Cathedral.Ê The area of Crescent Street between Sherbrooke and Ste. Catherine Streets has one of the highest concentrations of upscale restaurants and boutiques in Montreal.Ê St. Catherine Street is the best commercial artery in Montréal, home to many boutique luxury retailers, like Hugo Boss, Louis Vuitton and Ogilvy’s.
“Ch‰teau Royal represents a unique opportunity for hotel operators and residential developers alike to acquire an underperforming asset with a Class A location in downtown Montréal,” said Alan Tantleff, executive vice president for Jones Lang LaSalle Hotels. “The property offers tremendous redevelopment potential with many different uses. Large guestroom units combined with a strong condo and apartment market support either a complete residential, timeshare or mixed-use hotel/condo conversion.”
“Montréal is a vital market that can support boutique hotels, as evidenced by the recent opening of the new W Hotel,” said Alexandra Faciu of Jones Lang LaSalle’s Montréal office. “The hotel’s irreplaceable location and high quality physical characteristics result in an offering at a significant discount to replacement cost.”