Pandox to sell DoubleTree by Hilton Montreal for $59M

Pandox has entered into an agreement to divest DoubleTree by Hilton Montreal for $59 million. The transaction is expected to close in the second quarter. Other terms were not disclosed.

The gross transaction value totals $70.3 million, with the final price after the deduction of around $11.1 million for structural investment needs, amounting to $59 million. Pandox acquired the 595-key hotel in 2008. In 2023, the DoubleTree by Hilton Montreal pulled in revenue of $37 million.

Since the divestment of InterContinental Montreal in 2023 and following this sale, Pandox will own no remaining hotel properties in Montreal.

“With the divestment of DoubleTree by Hilton Montreal, we realize values and free up capital for investments with higher return potential in our home markets where we can execute hotel property development more efficiently," Pandox CEO Liia Nõu said in a statement. "We have owned the hotel property since 2008 and have in stages, together with a strong team in Montreal, successfully developed the hotel product. We are happy to have reached an agreement with a strong local hotel property owner who can take the hotel property, with its challenges and opportunities, to the next level."