MONTREAL – Quebec’s Germain Hotels group plans to open Alt Hotels in Winnipeg, Ottawa and Calgary after securing $80 million of additional funding from investors.
The hotels are slated to open over the next three years, starting with Winnipeg next year and Ottawa in 2016.
Group Germain co-president Jean-Yves Germain said the new financial support demonstrates “that the hotel industry represents fertile ground for growth.”
Original investors from 2011 – the Caisse de depot, Investissement Quebec, La Capitale Financial Group and Industrial Alliance (TSX:IAG) – are provided additional undisclosed funding.
They are joined by the Quebec Federation of Labour’s Solidarity Fund and Montreal investment bank DNA Capital.
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.