MONTREAL—The 22-story Holiday Inn Midtown was purchased by
Campus Crest Communities and Beaumont Partners with plans to convert the
property into an upscale student housing tower near McGill University.
The venture partnership paid approximately $65 million for
the 488-room hotel.
Beaumont and Campus Crest bought Delta Centre-Ville Hotel
last year. The most recently acquired property is located on Sherbrook Street
and both properties will be converted under Campus Crest’s evo concept, which
targets undergraduate and graduate students by offering private, furnished housing
close to campus.
Campus Crest’s evo communities are equipped with a variety
of amenities designed for the urban student from rooftop pools to bicycle
storage to coffee bars.
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“Our teams look forward to opening both Montreal assets for
the 2014–2015 academic year,” said Ted W. Rollins, Campus Crest chief executive
Campus Crest will serve as the property manager.