Oktodev is investing $90 million to construct a 14-storey, 180-room upscale hotel in downtown Montreal’s Phillips Square, with ground breaking planned for March 2027 and completion targeted for January 2029. The land was acquired by Oktodev for $12.5 million from insolvency trustee Raymond Chabot, with Colliers advising on the transaction.
Phillips Square Phased Development and Receivership
The hotel project represents the final phase of the multi-phase Phillips Square complex near Sainte-Catherine Street and René-Lévesque Boulevard. Phase 1 consists of a 61-storey tower containing 498 condominiums and 293 rental apartments. Phase 2 is a 21-storey residential tower with 441 units, now nearly complete. The project was originally
developed by Brivia Group, which acquired the land in 2018 for $45 million and began construction in 2020. Due to economic pressures including pandemic-related delays, supply chain issues, and rising interest rates, Brivia placed the entire development into receivership in January 2026.
Partnership and Hotel Operations
Oktodev is collaborating with Bullpen Capital and New Castle Hotels & Resorts, the latter slated to operate the hotel under an as-yet-unnamed brand. Dominic Chaîné, managing director at Oktodev, described the site as “one of the city’s most irreplaceable addresses,” highlighting its location at the nexus of Montreal’s financial, retail, and entertainment districts. Chaîné also noted that the
company has pursued this land since July 2024 and views the hotel as its first significant Montreal hotel project.
Montreal Hotel Market and Oktodev’s Portfolio
Hotel occupancy rates in Montreal reached close to 80 percent the previous summer, signaling strong demand. According to Chaîné, various hotel brands have been actively seeking entry into Montreal over the past two to three years. Oktodev holds approximately $1.8 billion in assets, primarily in residential properties, and is expanding its footprint in hospitality with this new development.
Additional Developments and Holdings
Apart from the Phillips Square hotel, Oktodev acquired a 465,000-square-foot parking lot in Laval in June 2025 for $17.9 million. The developer plans
a multi-phase mixed-use project on the Laval site featuring about 1,600 rental housing units. Oktodev’s residential holdings also include ongoing projects in Quebec and multi-unit complexes across Alberta, including Edmonton’s Galbraith House and Lansdowne Park.
