On Tuesday the private equity company MerchantBridge revealed that they would invest $20 million in Monaco Luxury Hotels & Resorts to help support the luxury market.

MerchantBridge Chief Executive Basil Al-Rahim said of the investment, “The luxury hospitality sector is in need for further investment. In Europe and North America, the number of new luxury hotels built decreased by more than 20% in the first half of 2010, when compared with the same period in 2008. At the same time, occupancy rates at luxury hotels in Europe and North America increased by an average of 12%.”

This most recent MerchantBridge investment will support a renovation of the Ritz Carlton Montreal hotel.