Oktodev announced plans to construct a 14-storey, 180-room upscale luxury hotel at Phillips Square, downtown Montreal, with an estimated investment of roughly $90 million. The hotel will be part of the final phase of the three-phase Phillips Square development, which integrates condominiums and rental units.
Developer Partnerships and Land Acquisition
The project involves a partnership between Quebec-based Oktodev, local financial partner Bullpen Capital, and U.S.-based New Castle Hotels & Resorts, which will operate the hotel under an unnamed brand. Oktodev acquired the land for $12.5 million through insolvency trustee Raymond Chabot, advised by Colliers, after Brivia Group placed Phillips Square and its Mansfield Condos into
receivership in January 2026 due to pandemic-related delays, supply chain issues, and rising interest rates.
Brivia Group originally acquired the Phillips Square land for $45 million in 2018 and initiated construction in 2020. The site sits between Sainte-Catherine Street and René-Lévesque Boulevard in downtown Montreal. The first two phases of the development consist of a 61-storey tower with 498 condominiums and 293 rental apartments, and a 21-storey residential tower containing 441 units. The third phase has been designated for a hotel.
Project Timeline and Operation
Construction is scheduled to begin in March 2027, with completion expected by January 2029. Oktodev is currently updating the
municipal permit for the hotel, which previously received city approval. The hotel will be operated by New Castle Hotels & Resorts, though the banner remains undisclosed.
Montreal Hotel Market Context
Montreal’s hotel occupancy rates approached 80% in summer 2026, reflecting strong demand in the local hospitality sector. According to Dominic Chaîné, managing director at Oktodev, the Montreal market continues to attract significant interest from hotel brands, with many attempting to enter the city over the last two to three years.
“The market is really attractive for different brands,” Chaîné said. “Hotel brands have been trying to enter Montreal for the past 24, 36 months.
There’s a lot of interest around the site and hotels in general in Montreal.”
Strategic Importance and Related Developments
Oktodev regards the Phillips Square location as “one of the city’s most irreplaceable addresses,” where Montreal’s financial, retail, and entertainment districts converge. Chaîné described the hotel as the company’s first major hotel project in Montreal.
Beyond the hotel development, Oktodev holds about $1.8 billion in assets, predominantly residential real estate. The company has approximately 800 residential units under construction and 3,500 units in pre-development across Quebec, with additional residential holdings in Alberta and mixed-use projects in Quebec provinces.
In June 2025, Oktodev acquired a 465,000-square-foot parking
lot in Laval for $17.9 million. Plans are underway to develop this site primarily into rental housing with 1,600 units across a multi-phase project.
