CHIP Announces Acquisition of "Oasis" in Montreal
VANCOUVER, Canada, October 4, 2006. Canadian Hotel Income Properties REIT has completed the acquisition of the Hilton Montreal Bonaventure, a first-class resort hotel and Montr'eal landmark, adding this acclaimed downtown property to its portfolio. The hotel will be managed by CHIP Hospitality, effective immediately, making it the sixth property to be owned and managed by CHIP in the Province of Qu'ebec.
The Hilton Bonaventure is a first-class four-star landmark hotel located in the heart of the internationally acclaimed Canadian city of Montr'eal. The 395-room property occupies the top two floors of Place Bonaventure, one of Canada's largest business and international exhibition complex.
"This hotel significantly enhances and strengthens our business", says Ed Pitoniak, President and CEO of CHIP REIT. "This acquisition is complementary to our existing property in Montreal and provides opportunity for improved performance."
The Hilton Montreal Bonaventure was designed by Raymond T. Affleck in 1967. Since then, there have been extensive renovations throughout the hotel. Beginning in 1997 with the including the interior entrance featuring marble flooring and rosewood paneling. All 395 rooms and suites have been beautifully redone to include new furnishing, carpeting, wall covering and marble bathrooms. New amenities have also been added to cater to the needs of the business traveler. The 42,000 square foot banquet area has been refurbished and a 19,500 square foot exhibit hall was inaugurated in early 1996. The heated outdoor pool has its own waterfall and expanded outdoor terrace for summer dining and its 2 1/2 acres of roof top gardens have been re-landscaped with birch trees, flowering shrubs and numerous floras. The Hilton Bonaventure is truly an oasis of freshness and tranquility high above the hustle and bustle of Canada's most distinct city, Montr'eal!
"We are so delighted to include such a highly visible and well regarded hotel in the CHIP Hospitality portfolio of hotels in Quebec", says Nathalie Jeghers, Regional Director of Sales & Marketing for the Quebec & Atlantic Regions. We look forward to building solid partnerships with the Hilton brand with this great new addition to the CHIP Family."
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