Marriott Hotels Calgary, Alberta
Gracorp entered into a loan agreement to provide a participating mezzanine loan to facilitate the development of a 158-room Residence Inn and a 171-room Courtyard by Marriott Hotel. The six-storey hotels are connected and share common amenities like a fitness centre, indoor swimming pool, whirlpool and back-of-house facilities. They are part of an 11.5-acre, multi-phase development situated at Barlow Trail and 48th Avenue NE in Calgary near the Calgary International Airport. The Residence Inn provides the service and room configuration that appeal to the extended-stay market while the Courtyard by Marriott targets the focused-service segment. The hotels share management and operations departments, contributing to operational and financial efficiencies.
The hotels opened in February 2012 and the mezzanine loan has since been repaid.