NORTH VANCOUVER, BC, Canada, August 29, 2019: On behalf of a private Middle Eastern client, HVS Vancouver, with support of HVS Asset Management, has completed the acquisition of the Residence Inn Downtown, Montreal, Quebec, Canada.
HVS was retained by the client to identify potential acquisitions that meet predetermined return on equity requirements. After evaluating numerous opportunities, the HVS team helped to negotiate an LOI as well as a purchase and sale agreement, with the client’s approval. Subsequently, HVS coordinated due diligence, obtained mortgage debt, negotiated all related agreements, formed the special purpose entity (Moongate Real Estate, Inc., a BC company). Carrie Russell, Managing Director of HVS Vancouver, executed all closing documents on behalf of Moongate Real Estate in her role as a member of the Board of Directors of Moongate Real Estate.
Marriott International will continue to operate the 210-room hotel centrally located on Peel Street. Legal services were provided by Phil Thompson of Thompson Dymond, financing was arranged with Aareal Bank AG by Mark Kay of CFO Capital, international tax advice was provided by Jas Butalia of WBM Partners LLP, and the selling broker was Alam Pirani of Colliers International.
HVS Vancouver and HVS Asset Management will serve as asset manager on behalf of the client under a multi-year agreement.
Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620
HVS was retained by the client to identify potential acquisitions that meet predetermined return on equity requirements. After evaluating numerous opportunities, the HVS team helped to negotiate an LOI as well as a purchase and sale agreement, with the client’s approval. Subsequently, HVS coordinated due diligence, obtained mortgage debt, negotiated all related agreements, formed the special purpose entity (Moongate Real Estate, Inc., a BC company). Carrie Russell, Managing Director of HVS Vancouver, executed all closing documents on behalf of Moongate Real Estate in her role as a member of the Board of Directors of Moongate Real Estate.
Marriott International will continue to operate the 210-room hotel centrally located on Peel Street. Legal services were provided by Phil Thompson of Thompson Dymond, financing was arranged with Aareal Bank AG by Mark Kay of CFO Capital, international tax advice was provided by Jas Butalia of WBM Partners LLP, and the selling broker was Alam Pirani of Colliers International.
HVS Vancouver and HVS Asset Management will serve as asset manager on behalf of the client under a multi-year agreement.
About HVS
Hotel owners, developers, investors, lenders, management companies, and public agencies around the globe rely on HVS to make informed business decisions. HVS’s commitment to excellence and unrivaled hospitality intelligence is delivered by more than 300 people in over 50 offices throughout the world who specialize in a wide range of hospitality assets including hotels, restaurants, casinos, shared ownership lodging, mixed-use developments, spas, and golf courses, as well as conventions, sports, and entertainment facilities.About HVS Asset Management
This division of HVS serves clients throughout North America and the Caribbean, overseeing various types of hotels including resorts and boutique hotels. Its asset management services optimize a property’s potential, cash flow, and value. Its team focuses solely on the owner’s mission and goals. The division also unbundles the team’s skills to make them available to other owners a la carte as brand and operator searches, hotel performance analysis, revenue maximization consulting, acquisition due diligence, repositioning, etc. Expert witness and receivership services are also offered.Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620