By The Canadian Press
The former A&B Sound building at 311 Portage Avenue will soon see redevelopment to turn it into the ALT Hotel and Stantec office tower. (HANDOUT)
MONTREAL — Quebec’s Germain Hotels group plans to expand its Alt Hotels banner across Canada after securing $80 million of additional funding from investors.
Group Germain Hotels co-president Jean-Yves Germain said the new financial support demonstrates “that the hotel industry represents fertile ground for growth.”
The locations of the new hotels haven’t been identified. The company already plans to use existing funding to open hotels over the next three years in Winnipeg, Ottawa and Calgary.
Original investors from 2011 — the Caisse de depot, Investissement Quebec, La Capitale Financial Group and Industrial Alliance (TSX:IAG) — provided the additional undisclosed funding.
They are joined by the Quebec Federation of Labour’s Solidarity Fund, Montreal investment bank DNA Capital and an undisclosed European investor.
Five Alt Hotels have opened since 2007, including two in the Montreal area, one in Quebec, one at Toronto’s Pearson International Airport and one at the airport in Halifax.
“Through this $15-million reinvestment, this key player in the hospitality industry will be able to continue expanding into Canada’s hotel market,” said Caisse de depot executive vice-president Christian Dube.
Updated December 5, 2014
