Private equity company MerchantBridge has signed an agreement to invest $20m in Monaco Luxury Hotels & Resorts (MLHR).
The funding will be used to support the C$150m ($145m) renovation of the Ritz Carlton Montreal hotel in Canada, in which MLHR is a major investor.
The hotel will undergo significant refurbishment in which the hotel will be reduced to 130 rooms from 229, and 46 new condos branded Ritz Carlton Residences will be constructed.
