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Marriott Corp sells Le Centre Sheraton Montreal Hotel in Montreal

Marriott Corp sells Le Centre Sheraton Montreal Hotel in Montreal

Old May 17, 18, 11:01 am
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Marriott Corp sells Le Centre Sheraton Montreal Hotel in Montreal

Marriott International disclosed that one of its subsidiaries sold old Le Centre Sheraton Montreal Hotel to a private investor for ~C$92M. The company still has a long-term management agreement for the 825-room property located in downtown Montreal.

The Hotel will undergo a comprehensive renovation including the guest rooms, lobby, meeting space, and ballroom, as well as other public areas.

Copy of SEC Form 8-K: http://seekingalpha.com/filing/4028657
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Old May 17, 18, 11:14 am
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Wonder which ones are next on the chopping block. There are plenty of duplicates in NOLA - I hope they get rid of the Marriott on Canal St and not the Sheraton.
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Old May 17, 18, 11:22 am
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Originally Posted by hotelfanatic View Post
Wonder which ones are next on the chopping block. There are plenty of duplicates in NOLA - I hope they get rid of the Marriott on Canal St and not the Sheraton.
Are they both *owned* by Starriott? This thread is about sales of real estate, not deflagging of hotels and in this case, despite the sale, the property will apparently continue to operated as a Sheraton, although I guess it could be upgraded into a higher brand post renovation.
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Old May 17, 18, 12:17 pm
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I've stayed at this property and actually quite like it. The Club Lounge has a great view of the city.
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Old May 17, 18, 3:36 pm
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Originally Posted by MSPeconomist View Post
Are they both *owned* by Starriott? This thread is about sales of real estate, not deflagging of hotels and in this case, despite the sale, the property will apparently continue to operated as a Sheraton, although I guess it could be upgraded into a higher brand post renovation.
Neither are owned by Marriott International. No properties in New Orleans are owned by Marriott.
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Old May 17, 18, 4:54 pm
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Very few Starwood properties were still owned by Starwood when Marriott took over.

As of 2016, Starwood only owned 24 properties, and a few, like the Sheraton Centre Toronto and Tremont Chicago, have since been sold.

https://s1.q4cdn.com/483583335/files...List-Final.pdf

They had already been selling properties for years, and managing them under long-term contracts with the buyers, I'm sure Marriott intends to sell the rest.
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Old May 17, 18, 6:55 pm
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Originally Posted by Canada101 View Post
I've stayed at this property and actually quite like it. The Club Lounge has a great view of the city.
This hotel is actually one of my favourites, whether it is dated or not. The service is quite good of all the Sheraton's I've stayed at.
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Old May 17, 18, 8:06 pm
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a bunch of the starwood have been sold including st regis, luxury collection, in hawaii

down to 64 owned

2018Q1 65 owned - north america + international
19 + 3 courtyard
3 + 5 marriott
2 + 5 sheraton (now 1 + 5)
0 + 9 protea
1 + 3 Renaissance
1 + 2 w (lease - times square, barcelona, leicester)
1 + 1 westin (peachtree + denarau ?)
0 + 2 RC (lease berlin + 250 room ?)
1 + 1 st regis (new york + lease osaka, but osaka was sold ?)
1 + 1 residence inn
0 + 2 luxury collection 287 (lease - alfonso + maria christina)
1 + 0 tribute 135

marriott.gcs-web.com/news-releases/news-release-details/marriott-international-reports-first-quarter-2018-results
marriott.gcs-web.com/investor-fact-book

vs other bigs >
accor - 191 after dropping many leases
hilton - 71 after spinoff
hyatt - 38
intercontinental - 12
wyndham - 2 timeshare
as noted, theyre all selling most over time

Originally Posted by James Luckard View Post
long-term contracts with the buyers
buyers can end contracts, by paying or not complying, but not common yet
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Last edited by Kagehitokiri; May 17, 18 at 8:12 pm
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