Oktodev announced plans to develop a 14-storey hotel with 180 rooms in downtown Montreal at Phillips Square. The upscale luxury hotel project, estimated to cost $90 million, represents the final phase of the three-phase Phillips Square development.
Construction is scheduled to begin in March 2027, with completion targeted for January 2029. Oktodev partnered with Montreal-based Bullpen Capital and U.S. operator New Castle Hotels & Resorts, which will manage the hotel under an undisclosed brand. Oktodev acquired the land for $12.5 million from insolvency trustee Raymond Chabot, with Colliers advising on the transaction.
Phillips Square Development Background
The Phillips Square project comprises three phases: residential
condominiums and rentals in the first two phases and a hotel site in the third. Phase 1 includes a 61-storey tower with 498 condominiums and 293 rental apartments, while Phase 2 features a 21-storey residential tower with 441 units nearing completion.
Brivia Group originally purchased the land for $45 million in 2018 and started construction in 2020. Due to economic challenges such as pandemic-related delays, supply chain disruptions, and rising interest rates, Brivia placed the entire Phillips Square project and the adjacent Mansfield Condos into receivership in January 2026. Ipso Facto recently bought 165 unsold condominiums at Phillips Square for
$65 million with plans to convert them into rental housing.
Strong Market Demand for Montreal Hotels
Dominic Chaîné, managing director at Oktodev, said this will be the company’s first major hotel project in Montreal. He noted they had been pursuing the land since July 2024 through direct negotiations with Brivia at the time. Chaîné highlighted Montreal’s strong hotel demand, citing summer 2026 occupancy rates near 80 percent.
Oktodev described the hotel’s location as “one of the city’s most irreplaceable addresses,” situated where Montreal’s financial district, retail corridor, and entertainment district converge. Chaîné added, “The market is really attractive for different brands. 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.”
Oktodev’s Real Estate Portfolio and Quebec Strategy
Founded in September 2018, Oktodev holds about $1.8 billion in assets, with 80 percent in residential and the remainder in commercial and industrial properties. While the firm focuses its development within Quebec, it acquires and manages properties in Alberta and other provinces.
Its Quebec holdings include projects such as Walt, a 298-unit multi-residential development in Montreal’s West Island, and two residential buildings in Gatineau named Alexandra and Éléonore. Outside Quebec, Oktodev owns several apartment complexes in Edmonton.
In June 2025, Oktodev acquired a 465,000-square-foot parking lot in Laval for $17.9 million near Place Laval. The company plans to launch a multi-phase rental housing project on the site with 1,600 units, targeting a 2027 construction start.
