“The Montreal economy is booming,” Mr. Coderre said.

He added that the unemployment rate had reached one of its lowest levels since 2010, the labor force was growing and investments were increasing. New taxes on foreign investors in Toronto and Vancouver also appear to have played a part.

But the city also has something else appealing to business, according to J. Allen Smith, the Four Seasons chief executive: “cultural sophistication, European influences and storied history.”

Partnering with Carbonleo Real Estate, a Quebec developer and property manager, the Four Seasons project will include a 166-room hotel and 18 condos priced from nearly $3 million to over $12 million. The hotel will be connected to the flagship location for Ogilvy, a high-end department store that is undergoing more than $100 million in renovations and merging with Holt Renfrew, another luxury retailer.

Near the new Four Seasons, the Fairmont Queen Elizabeth Hotel just reopened its doors this July after a $114 million renovation.

The Ritz Carlton blazed the path for high-end hoteliers in Montreal. The hotel, which first opened in 1912, reopened in 2013 after renovations that cost about $200 million. Those changes added 45 condos, larger hotel guest rooms and now features Maison Boulud, the first Montreal restaurant of acclaimed French chef Daniel Boulud.

A surge of visitors to Montreal has helped supercharge the hotel boom. Montreal is on track to hit 11.2 million tourists by the end of 2017, up 20 percent from 2013, according to the Conference Board of Canada and Tourisme Montreal. This summer, as the city celebrated its 375th anniversary, Montreal had the most visitors it has ever had since it began keeping count.

Visitors flock to Montreal for business, bachelor and bachelorette parties, as well as music festivals and sports events such as the Montreal International Jazz Festival and the Formula One Canadian Grand Prix car race. With four major universities, Montreal also attracts many students and educators.