Atlific Selects Westin for Gazette Buildings Project

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. October 14, 2008

MONTREAL, Canada, September 13. 2006. Atlific Hotels & Resorts, its US parent company Ocean Properties, Ltd. as well as their partners Gillin Engineering and Covington Capital LLC are pleased to announce today that the Westin hotel brand has been chosen to crown their Old Montreal redevelopment project of the old Gazette - Ilot Saint-Antoine buildings site. The project occupies the corners of Saint-Antoine, Saint-Pierre and Saint-Jacques streets at the entrance of Old Montreal and within the Quartier international district. The redevelopment of this site represents a total private investment of $90 million.

Atlific's bid was chosen late last year by the Societe de developpement de Montreal, owners of the buildings since 2003, as the winning bid for redevelopment of the former Gazette buildings. Atlific presented plans which call for the integration of the three existing heritage buildings to be refurbished and converted into multi-use space, and a new 20 story building to be erected on a former parking lot. Together these four buildings will represent the merger of four centuries of history.

"We are extremely pleased to take on the redevelopment of the Ilot-Saint-Antoine site, and help contribute in the final stages of completing the Place Jean-Paul-Riopelle square. Bringing Westin back as the hotel's brand will certainly help reinforce Montreal's hotel offering," stated John C. Dunn, Vice-President, Sales & Marketing for Atlific Hotels & Resorts.

The new Westin Montreal hotel will feature 432 deluxe rooms and suites as well as 32,000 square feet of meeting space. When completed, the hotel will be directly connected by underground passage to the Montreal Convention Centre. The new hotel will be ideally placed to become a natural choice for delegates attending conventions and meetings at the convention centre.

Apart from the hotel and its function rooms, the complex will also feature a new 17,000 square foot roof top spa, a bar and street-front restaurant. Incorporated into the project will be 176,000 square feet of new upscale office and commercial office space.

The redevelopment of the site will last 32 months. The construction, which has already started, is due to be completed at the end of 2008. During the construction phase, 200 jobs will be created. The hotel expects to hire about 250 full-time employees.