TORONTO — Knightstone Hotel Group Inc. has acquired dual hotel complex, Courtyard by Marriott and Residence Inn by Marriott Montreal Airport. Both hotels will undergo full renovations to its guestrooms and common areas over the next two winter periods while remaining open. Urgo Hotels & Resorts will continue managing the property.
“This acquisition of a strong-branded and historically high-performing property fit directly into Knightstone’s investment strategy of acquiring prime hotel assets across Canada,” says Alan Perlis, president and CEO of Knightstone Capital Management Inc. “We’re long-term investors with confidence in the recovery and success of the Canadian hospitality sector.”
“This acquisition gives Knightstone the opportunity to own an established and resilient Montreal hotel asset while offering strong returns for our investors,” says Bill Stone, president of Knightstone Hotel Group Inc. “We anticipate that 2022 will be an active year for transactions, and Knightstone plans to continue growing its portfolio through sourcing attractive, value-add hotel opportunities in major urban and suburban Canadian markets.”
