Oktodev has commenced plans to construct a 14-storey, 180-room upscale luxury hotel at Phillips Square in downtown Montreal. Construction is scheduled to begin in March 2027 with an anticipated completion date in January 2029.
Developer Details and Land Acquisition
The Montreal-based developer is collaborating with local financial partner Bullpen Capital for this project. New Castle Hotels & Resorts, a U.S.-based operator, will manage the hotel under an as yet unnamed brand. Oktodev acquired the site from insolvency trustee Raymond Chabot for $12.5 million, with Colliers advising on the transaction.
Phillips Square Development Background
The hotel marks the final phase of the three-part Phillips Square project situated between Sainte-Catherine Street
and René-Lévesque Boulevard. Brivia Group originally purchased the land for $45 million in 2018 and initiated the development in 2020. The complex includes Phase 1, a 61-storey tower containing 498 condominiums and 293 rental apartments, and Phase 2, a 21-storey residential tower with 441 units nearing completion. Economic challenges, including pandemic work stoppages, supply chain disruptions, and rising interest rates, led Brivia to place Phillips Square and Mansfield Condos into receivership in January 2026.
Montreal Hotel Market and Developer Insights
Montreal hotel occupancy rates reached nearly 80 percent last summer, demonstrating strong demand. Dominic Chaîné, managing director at Oktodev, stated, “The market is really attractive for
different brands. Hotel brands have been trying to enter Montreal for the past 24, 36 months.” He added, “We’ve been looking at this land since July 2024” and confirmed discussions with Brivia prior to acquisition. Oktodev is currently updating a city permit previously approved for the hotel project.
Additional Real Estate Activity and Strategic Location
Ipso Facto purchased 165 unsold condominium units at Phillips Square for $65 million, intending to convert them into rental housing. Oktodev controls an asset portfolio valued at about $1.8 billion, mostly residential real estate across Canadian provinces. In June 2025, the company acquired a 465,000-square-foot parking lot in Laval for $17.9 million,
planning a multi-phase mixed-use residential project at the site on Saint-Martin Boulevard East near Des Laurentides Boulevard. Oktodev described the hotel site as “one of the city’s most irreplaceable addresses,” located at the convergence of Montreal’s financial district, retail corridor, and entertainment district.
Chaîné said, “This hotel is the first big hotel project that we will develop in Montreal,” reflecting the company’s strategic expansion into hospitality within the city.
