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Cornerstone Real Estate Advisors Inc. Selling the
459-room Renaissance Montreal Hotel to McGill
University; Will Be Converted to Student Dormitory
TORONTO, ON, APRIL 15, 2003 -  Addressing the urgent need for new residence space at McGill University, the owners of the Renaissance Montreal Hotel, Cornerstone Real Estate Advisors Inc., have sold the property for use as a student dormitory.  The sale of the 459-room property is effective April 30.

"The University approached us to purchase this property due to its need for additional student residences in close proximity to its campus. Despite the fact that we have had much success with this building under the Renaissance banner, we concluded this was a good time to sell," said Jim O'Shaughnessy, VP Hotel Group for 


Renaissance Hotel
3625 Avenue du Parc
Montreal, Quebec, Canada
Cornerstone.

"We have worked closely with Cornerstone on this property and appreciate their contributions to the Renaissance brand in Montreal.  We recognize that this is a great opportunity for them and opens up new opportunities for us as we continue to grow the Marriott brands in Canada." said Alain Piallat, President, Marriott Hotels of Canada.

Since 2001, Marriott has been pursuing an aggressive growth strategy in Canada that will align Marriott brands to the specific needs of selected target markets. In Montreal, an important and growing market, Marriott is committed to securing a new property that will further enhance the Renaissance brand and the company's overall portfolio in Quebec.

In addition to the Montreal Marriott Chateau Champlain, the Courtyard by Marriott, the Residence Inn by Marriott, downtown Montreal and the SpringHill Suites by Marriott in Montreal, Marriott will add a second Residence Inn by Marriott to Montreal and a Courtyard by Marriott to Quebec City in early summer, 2003.  These brands represent two of the most popular and fastest growing segments in the Marriott portfolio of brands.

In addition to Marriott's growth in Quebec, the company will open the 250-room Renaissance Toronto Airport Hotel in September 2003 and the Marriott Victoria Inner Harbour Hotel in March 2004. Marriott has also reached an agreement in principle with Pinnacle International to operate the 446 room Pinnacle Hotel on the corner of Thurlow and West Hastings Streets in downtown Vancouver, effective July 1, 2003. 

Marriott anticipates a total of 50 hotels throughout Canada by 2005.

MARRIOTT INTERNATIONAL, INC. (NYSE:MAR), a leading worldwide hospitality company with over 2,600 operating units in the United States and 65 other countries and territories. 


 
Contact:
www.marriott.com


 
Also See: Canadian Hotel Income Properties REIT to Acquire the 453-room Delta Montreal for Approximately $48 million / Feb 2002
University of South Carolina Contracts with Adam's Mark, Clarion Town House and Holiday Inn for Student Housing / Aug 2002


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