- What 438-door complex at 380 and 400 rue Sherbrooke Ouest is for sale
- Why Recent $2.2m renovation, full suite of amenities, institutional scale
- What next Bids for the dual-purpose tower eyed at $202m
A Montréal high-rise with hotel and residential floors is on the block and expected to fetch bids of around $202m, a price that would make it one of the biggest deals ever in Canada for either property type, Green Street News can reveal.
The 33-storey building, at 380 and 400 rue Sherbrooke Ouest, encompasses an 11-storey Hilton Garden Inn at the base, with the 22-storey Le 400 residential tower above.
If treated as a hotel, a sale of the property would be the highest price paid since at least 2020, according to Green Street’s Sales Comps Database. The current high-water mark is Oxford Properties’ 2023 purchase of the 333-room Rimrock Resort Hotel in Banff, Alta.
As a residential deal, a trade at the guiding valuation would be the largest since Centurion Apartment REIT paid $207m in October 2022 for a 276-unit complex in Ottawa. Overall, only four single-property apartment sales have ever sold for more than $200m, and none outside Toronto or Ottawa – meaning a trade would be the largest ever in Montréal and Québec.
Canvar, identified in public records and news reports as the owner, has tapped Colliers for the assignment. The brokerage is touting the listing as a rare hotel-residential play at institutional scale.
The Hilton, at 380 Sherbrooke, comprises 154,100 sq ft and has undergone $2.2m, or $9,900/room, in recent capital improvements. Room types include 98 standard rooms, 106 standard double queens, nine king one-bedroom suites, seven accessible king rooms, and one accessible double queen.
Amenities include 144 underground parking stalls, three guest elevators, nearly 4,000 sq ft of event space, a full-service restaurant, six meeting rooms, an indoor pool, a business centre and fitness centre.
Le 400 spans floors 12 to 33 above the Hilton, and its area totals nearly 228,000 sf ft. Residents have a dedicated entrance on Sherbrooke and share access to the Hilton’s pool, fitness centre and terrace. There are 84 studios, 67 one-bedrooms, 61 two-bedrooms, and five three-bedroom units. The 12th floor serves as shared amenity space for both buildings.
Montréal-based Canvar last year sold a two-building apartment portfolio on the same block as its current listing, according to Green Street’s Sales Comps Database. The trade, also brokered by Colliers, reportedly began as a broader sales assignment that also included the current offering. Fitzrovia paid $102.1m combined for just the apartment properties, known as Le Smith and C-Lofts.
