Waldorf=Astoria to Make Debut in Canada with $200M Project

Hilton Hotels Corp. has entered into an agreement with Monit Investments, paving the way for the development of the Waldorf=Astoria Hotel & Residences Montreal. The project will cost $200 million to complete. Carrying the address of 1500 Sherbrooke Street West in the heart of the city’s top retail, restaurant and cultural district, the Waldorf=Astoria Montreal (pictured) will feature 250 hotel rooms and 76 signature Waldorf=Astoria Residences. The 32-story tower will also encompass 15,000 square feet of meeting and event space, restaurants, as well as an upscale spa and fitness center. With the project now in the planning stages, the property is on target to reach completion in summer 2011 and will mark the entrée of the Waldorf=Astoria brand into the Montreal market. Montreal is as booming as ever as a tourist destination, and is a target market for a bevy of hotel developers. Earlier this month, Starwood Hotels & Resorts Worldwide Inc. opened the 136-room aloft Montreal Airport, the first aloft hotel brand in the world. And last summer, Embassy Suites Hotels opened the doors of its first hotel in the city, the 210-suite Embassy Suites by Hilton Montreal. As of the close of the first quarter, according to hotel real estate research firm Lodging Econometrics, Montreal’s hotel construction pipeline consisted of 11 developments for a total of 1,786 new rooms. Headquartered in Montreal, Monit is a diversified company with over 50 years of experience in real estate development and investment. Beverly Hills-based Hilton is a leading global hospitality company with 3,000 hotels and 500,000 guestrooms in 74 countries and territories.