Jones Lang LaSalle Hotels has arranged the sale of the Chateau Royal on behalf of Philadelphia-based equity investor Lubert Adler Real Estate Funds…
Jones Lang LaSalle Hotels has arranged the sale of the Chateau Royal on behalf of Philadelphia-based equity investor Lubert Adler Real Estate Funds. The property was purchased by Cromwell Management, a Montreal based private investor.
The 124-suite property is located in downtown Montreal, Quebec on Crescent Street; a prime location for restaurants, bars and clubs, which is a popular destination for tourists and residents.
The Chateau Royal represented a unique opportunity for the investor to acquire a quality asset with tremendous upside potential in Montreal, said Alan Tantleff, executive vice president for Jones Lang LaSalle Hotels` New York office. The hotel`s large all-suite configuration made it ideal to convert to a residential property.
We are very pleased with the outcome of the transaction – Chateau Royal will be the first building in downtown Montreal to be converted to rental apartments in many years, said Alexandra Faciu from Jones Lang LaSalle`s Montreal office, who was also instrumental in the transaction. This should bring some relief to a very tight rental market and more alternatives to residential users.
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