Marriott Corp sells Le Centre Sheraton Montreal Hotel in Montreal
May 17, 2018, 11:01 am
#1
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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
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
May 17, 2018, 11:14 am
#2
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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.
May 17, 2018, 11:22 am
#3
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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.
May 17, 2018, 3:36 pm
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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.
May 17, 2018, 4:54 pm
#6
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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.
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.
May 17, 2018, 6:55 pm
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May 17, 2018, 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
buyers can end contracts, by paying or not complying, but not common yet
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
buyers can end contracts, by paying or not complying, but not common yet
Last edited by Kagehitokiri; May 17, 2018 at 8:12 pm