- What Artifact JV purchases Hilton-branded hotel in Montreal
- Why Deal furthers company’s strategy of pursuing properties in key locations
- What next Company now owns 1,600 rooms in Quebec across five properties
A joint venture that includes Artifact Group has bought the 595-room Doubletree by Hilton Downtown Montreal, part of its strategy to target hotels in prime locations.
The seller was Pandox, which said in February that it had agreed to divest the property and its operations for about $80m. The price reflects the fact that the hotel’s facade requires about $15m of investment. The Stockholm-based company had owned and operated the hotel since 2008.
Amenities include 45,600 sq ft of event space, food and beverage outlets, an indoor pool, a spa and a fitness centre. The property produced $50m of revenue in 2023.
The hotel is in Montreal’s entertainment district across from Place des Arts in the Complexe Desjardins.
With the purchase, Artifact’s portfolio totals 1,600 rooms in Quebec. In 2020, the firm bought the Vogue Hotel Montreal Downtown, part of Hilton’s Curio Collection. Artifact’s other properties in the province are the Hyatt Place Montreal Downtown, Hotel Moco Valleyfield and the Delta Hotels Quebec by Marriott.