Montreal developer Oktodev has commenced construction of a 14-storey hotel with 180 rooms at Phillips Square, downtown Montreal. The project will see an investment of approximately $90 million and marks the conclusion of a three-phase mixed-use development including residential condominiums and rental units.
Construction is scheduled to start in March 2027 with completion expected by January 2029. Oktodev acquired the Phillips Square land for $12.5 million from insolvency trustee Raymond Chabot, with advisory support from Colliers. The hotel will operate under New Castle Hotels & Resorts, although the brand name remains undisclosed. Local financial partner Bullpen Capital supports the development.
Phillips Square development comprises three phases. Phase 1 features a 61-storey tower with 498 condominiums and 293 rental apartments, while Phase 2 is a 21-storey residential building with 441 units nearing completion. Phase 3, where the hotel is located, was approved by the city prior to acquisition. In January 2026, Brivia Group, which entered receivership due to economic challenges, placed the entire Phillips Square complex and Mansfield Condos into receivership. Brivia originally purchased the land for $45 million in 2018 and began construction in 2020.
Oktodev manages a portfolio valued at about $1.8 billion, predominantly in residential real estate. Its
holdings include residential projects in Quebec, such as Walt in Montreal’s West Island and developments in Gatineau, as well as residential assets in Alberta’s Edmonton market. In June 2025, Oktodev acquired a 465,000-square-foot parking lot in Laval for $17.9 million from Luc Poirier with plans for 1,600 rental units. The firm is actively involved in 800 residential units under construction in Quebec and an additional 3,500 units in pre-development.
Dominic Chaîné, managing director at Oktodev, described the hotel site as “one of the city’s most irreplaceable addresses,” situated where Montreal’s financial district, retail corridor, and entertainment district converge. Chaîné said,
“This hotel is the first big hotel project that we will develop in Montreal.” He noted the company had been pursuing the land since July 2024 and entered direct discussions with Brivia to acquire it for hotel development. Chaîné also highlighted Montreal’s robust hotel market, citing summer 2026 occupancy rates near 80 percent and significant interest from hotel brands over the past two to three years.
