Bank of Montreal is co-financing a Canadian hotel portfolio facility arranged and underwritten by Aareal Bank AG. On 7 July 2017 Aareal Bank had announced to provide a CAD 716 million facility with the intention to syndicate part of the loan to one or more strategic partners. The portfolio comprised 22 hotels in prime locations with an aggregate of 6,119 rooms across Canada, including major hubs such as Vancouver, Toronto, Montreal, Edmonton, Calgary and Quebec City.
"The new relationship with Bank of Montreal is an encouraging demonstration of a successful cross-continental cooperation with one of the key players in the Canadian market", said Christof Winkelmann, Member of the Management Board at Aareal Bank.
Aareal Bank acted as Arranger, Lender, Agent and Administrator for the financing with a five-year term.