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New acquisition – Courtyard by Marriott Waterloo, St. Jacobs

Prestige Hospitality Opportunity Fund – I buys Courtyard by Marriott Waterloo, St. Jacobs. The Courtyard Waterloo St. Jacobs features a total of 118 well-appointed guestrooms, 1300 square feet of flexible meeting space across 4 rooms, ample on-site parking, an oversized fitness centre, and The Bistro for breakfast and dinner. The Hotel has recently undergone a $3.9 million renovation and conversion to the Courtyard by Marriott. Courtyard by Marriott Waterloo, St. Jacobs.

PRESTIGE HOSPITALITY OPPORTUNITY FUND – I BUYS** Courtyard by Marriott Waterloo, St. Jacobs

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THE HOTEL The Courtyard Waterloo St. Jacobs features a total of 118 well-appointed guestrocourtyard-marriott-logo_Web_Smoms, 1300 square feet of flexible meeting space across 4 rooms, ample on-site parking, an oversized fitness centre, and The Bistro for breakfast and dinner. The Hotel has recently undergone a $3.9 million renovation and conversion to the Courtyard by Marriott. The guestrooms average 330 square feet combining comfort and functionality with a large desk, ergonomic chair sofa bed, marble bathroom, mini refrigerator, microwave and 32-inch LCD televisions. Larger studio suites are equipped with a modern fireplace and whirlpool tubs, two-room suites are also available.

THE LOCATION Given its prime location, superior branding, and close proximity to many attractions – including Canada’s Silicon Valley – the hotel will have the ability to grow market share and increase occupancy.

TWateloo Eating Bar_Web_SmallHE WATERLOO REGION

  • Waterloo Chairs_Web_SmallClose to Toronto and connected to North America with convenient access to major air, rail and land transportation networks.
  • The Region of Waterloo has one of the most vibrant, diverse and fast growing economies in the country.
  • Recognized for its ability to attract talent and capital in major industries of high tech, automotive, advanced manufacturing and financial services. 
  • The past 5 years has witnessed the creation of over 1,800 startups in Waterloo, raising investments of approximately $650 million.
  • Continued growth in the Waterloo region is expected, with the population estimated to exceed 700,000 by 2031.
  • Over 400 high-tech firms have operations in the region, including notable leaders Google, SAP, OpenText, Blackberry, Desire2Learn, Maplesoft, Electronic Arts and Intel.

“We are proud to be the new owners of the Courtyard by Marriott, Waterloo Ontario the second acquisition by the Fund. This recently renovated, well positioned hotel should be able to deliver early cash to our investors as it gains market share and increases revenues. We are also proud to be working with Marriott Group, one of the world’s premier hoteliers.” – Curtis Potyondi, Prestige Capital

** The Fund acquired an 85% joint venture interest in Courtyard by Marriott, together with its joint venture partner Palm Holdings Inc. (holding a 15% joint venture interest). The Property was acquired from Palm Holdings Inc.

Next Blog Item →Marriott International has completed its acquisition of Starwood Hotels & Resorts Worldwide, Inc.,