Pandox has inked a deal to sell DoubleTree by Hilton Montreal in Canada for $59 million.
Located at 1255 Jeanne Mance Street near the Place des Arts, the hotel comprises 595 rooms, an indoor pool, a fitness centre, meeting rooms, an executive lounge and onsite dining.
The gross transaction value totals $70.3 million, with the final price after the deduction of around $11.1million for structural investment needs, amounting to 59 million. Pandox acquired the hotel in 2008. In 2023, the DoubleTree by Hilton Montreal pulled in revenue of $37 million.
Following the sale – as well as its divestment of InterContinental Montreal in 2023 – Pandox has no remaining hotel properties in Montreal.
The transaction is expected to close in Q2 2024.
What they said
Liia Nõu, CEO of Pandox said: “With the divestment of DoubleTree by Hilton Montreal, we realise values and free up capital for investments with higher return potential in our home markets where we can execute hotel property development more efficiently. We are happy to have reached an agreement with a strong local hotel property owner who can take the hotel property, with its challenges and opportunities, to the next level.”