Hyatt Regency Montreal Trades for $59M
- May 23, 2008
Ownership of the 605-room Hyatt Regency Montreal has changed hands, courtesy of a $59.2 million transaction. With the assistance of real estate services firm CBRE Hotels, Ashford Canada Trust sold the property to Pandox AB. Pandox will continue working with Hyatt as the manager of the property, and will ponder further development of the hotel down the road. For Pandox, the acquisition marks a big step forward in the company’s North American expansion plan, and increases its portfolio of guestrooms in Canada’s second largest city to 1,000. Pandox first entered North America’s hospitality market in 2007 with the purchase of the Intercontinental Montreal. The Hyatt Regency Montreal (pictured) is on schedule to officially move from Ashford’s portfolio of hotels to that of Pandox with the anticipated June 13 closing of the transaction.