Jesta Group and Groupe Canvar Announce the Joint Acquisition of the Montreal Airport Hotel



    
    Purchasers anticipate rebranding and near-term renovation of the
    486 room, 546,000 square feet hotel complex
    

    MONTREAL, April 1 /CNW Telbec/ - Jesta Group, a multinational owner and
operator of hotel, leisure and commercial properties and Groupe Canvar, a
hotel operator and major property developer based in Montreal, Quebec
announced today that they have joined forces to purchase the Montreal Airport
Hotel (formerly known as the Hilton Montreal Airport Hotel).
    The acquisition was completed on March 30. The purchasers intend to
rebrand the Hotel under a marquee international banner, and to implement a
multi-year renovation program to update and transform the hotel to meet
current hotel industry standards demanded by discriminating guests. The
rebranding and renovation program is expected to commence shortly.
    The hotel, situated at 12505 Côte de Liesse in Dorval, Quebec, currently
houses 486 guest rooms, 23 meeting rooms comprising more than 20,000 square
feet, a business center, health center, several restaurants and bars, a
twenty-three metre indoor swimming pool, a Jacuzzi and boasts several acres of
beautifully landscape gardens for events and recreational activities: All
within minutes drive from Montréal-Pierre Elliott Trudeau International
Airport in Dorval, Quebec.
    "We continue to expand our portfolio of properties to acquire and improve
what we consider to be prime resort and leisure properties that will meet the
demands of the marketplace. With Groupe Canvar, we identified a strategic
partner that has similar goals to Jesta Group and also compliments our
expertise. We are very excited by this project and look forward to sharing in
its' success", stated Eric Aintabi, CA Vice President of Jesta Group.

    About Jesta Capital Corp.

    As its core business, Jesta Group focuses its expertise and resources to
acquiring, developing, managing real estate properties in the residential,
commercial, industrial and hotel and leisure sectors in North America and
Europe. With transactions involving more than ten thousand apartments, seven
thousand hotel rooms and hundreds of commercial and industrial buildings,
Jesta Group has amassed an enviable portfolio that is perfectly adapted to the
current international real estate market. With Headquarters in London, New
York, Paris and Montreal, the Jesta Group is well established as a leading
real estate and investment company. Additional information is available at
www.jesta.com

    About Groupe Canvar Inc.

    Groupe Canvar is owner-operator of several real estate projects solidly
implanted in the greater Montreal and Quebec City regions. Since its
inception, Groupe Canvar has specialized in the construction and renovation of
hotel, institutional commercial and residential projects. Groupe Canvar
currently operates a real estate portfolio including four senior homes, over
six hundred apartment units, and over one million square feet of industrial,
commercial real estate and the ownership and operation of downtown Montreal
parking lots accommodating over six hundred vehicles. Additional information
is available at www. canvar.ca or www.groupecanvar.com




For further information:

For further information: Eric Aintabi, (514) 925-5100; Alex Kestenbaum,
(514) 738-4725

Organization Profile

Jesta Group

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GROUPE CANVAR

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