Urgo Opens Two Marriotts at Montreal International Airport

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. October 14, 2008

Montreal. Canada, January 9, 2007. A joint venture comprised of Urgo Hotels, a major developer, owner and operator of upscale hotels, and the Real Estate Group of Marathon Asset Management, a private investment fund, today announced the grand opening of the 160-room Courtyard by Marriott and 169 suite Residence Inn by Marriott at the Montreal International Airport. The unique two-hotel complex is situated on a 3.25-acre land parcel at 7000 Place Robert-Joncas. Located at Trans-Canada Highway exit 63 and Cavendish Boulevard, the hotel complex is within a few minutes drive of the Montreal International Airport and Technopark Saint-Laurent, Canada's largest business park devoted to aerospace, biotechnologies, pharmaceutical, information and telecommunication technologies industries.

"What makes this project unique is the combination of two distinctive hotels on one site," said Kevin Urgo, senior vice president of Urgo Hotels. "While each is separate, appealing to different guests segments, the hotels share certain common areas.

"This is our fourth property in Montreal and our eighth in Canada," he noted. "We believe there is substantial demand for quality, internationally branded hotels in Canada, and it is our goal to play a significant role in meeting that demand. We aggressively are looking for additional development opportunities throughout the country."

"We have developed a strong relationship with Urgo Hotels and have developed three properties with them over the past few years," said Jon Halpern, Managing Director of Marathon Real Estate. "We recently sold the Residence Inn Montreal Downtown, a joint-venture project we created together, at a very attractive return for our investors. We remain in an active investment mode and remain quite interested in Canada for further hotels and other types of development."

Courtyard

The six-story Courtyard Montreal Airport offers160 guest rooms in a vibrant color scheme and contemporary d'ecor, including flat screen televisions. Spacious bathrooms provide large granite vanities, full-length mirrors and bright lighting. Rooms feature the Marriott Revive bed, complete with luxurious sheets and a white custom duvet to ensure a peaceful night's rest. Appealing to both business and leisure travelers, other in-room amenities include a large, well-lit work desk, dual telephone lines with voicemail, high-speed Internet access, cable/satellite television and complimentary in-room coffee.

Residence Inn

The Residence Inn Montreal Airport is the area's first upscale extended-stay hotel which is targeted to guests who stay five nights or longer. Providing the brand's latest innovations, each of the 169 studio, one- and two-bedroom guest suites feature five "zones" for cooking, dining, working, relaxing and sleeping to ensure maximum comfort and convenience. Highlights -more- include granite countertops, luxurious bedding, and a multi-functional living area with a flat-screen TV. The Residence Inn provides a complimentary hot breakfast and evening hospitality hour.

The two hotels have separate entrances and lobbies but share certain public space, including Orville, an upscale French restaurant, lobby lounge, indoor swimming pool and spa, a health club, a business center. The complex offers 7,000 square feet of state-of-the art meeting space, capable of accommodating meetings and banquets for more than 300 people. Both hotels are smoke-free. Marathon Asset Management, LLC, formed in 1998, currently manages more than $8.0 billion USD in capital, or approximately $15.0 USD billion in assets. The firm's Real Estate Group invests in assets across property type, providing globally innovative equity and financing solutions to value-added opportunities by aligning with local real estate experts.