Urgo Hotels has secured the controlling interest and long-term management contract of a couple of Marriott hotels based at Montrèal-Trudeau International Airport for the price tag of $39 million.

 

The Maryland-based hotel developer, owner and operator, along with its partners, has acquired majority interest in the 160-room Courtyard Hotel and the adjoining 169-suite Residence Inn Hotel.

Under the terms of the transaction, Urgo Hotels now has a controlling interest in the 3.25-acre complex, as well as a long-term management contract.

The two hotels share public space and common areas, including 6,000sqft of function space, a large indoor swimming pool and health club, as well as all back-of-house areas.

Located at Trans-Canada Highway exit 63 and Cavendish Boulevard, the hotel complex is within a few minutes' drive of Montreal International Airport and Technopark Saint-Laurent - Canada's largest business park devoted to aerospace, biotechnologies, pharmaceutical, information and telecommunication technologies industries.

Kevin Urgo, principal of Urgo Hotels, said: "This has been a great asset for us since we opened in 2007, and we could not pass up the opportunity to gain controlling interest.

"With the long-term management contract in place, we will further capitalize on the synergies and economies of scale that are inherent in this unique two-hotel project."