The Québec chain aims to develop new hotels in the coming years
QUÉBEC CITY, Dec. 20, 2019 /CNW Telbec/ - Germain Hotels announced a new $50-million round of investment in ALT Canada Investment Partnership L.P. The round will enable the company to pursue its growth strategy for the Alt Hotels brand across Canada, namely by developing new hotels in the coming years.
Caisse de dépôt et placement du Québec was the lead investor on the transaction, alongside a group of private and institutional investors that includes Investissement Québec, Fonds de solidarité FTQ, iA Financial Group and La Capitale. This is the third round of investment in the hotel chain and brings total investments in Alt Hotels to $210 million since 2011. This capital has paved the way for the brand's expansion from two hotels in Québec City and Brossard in 2008 to a Canada-wide chain operating or developing 12 locations from Calgary to St. John's.
Christiane and Jean-Yves Germain, Co-Presidents of Le Germain Hotels, said:
"We are pleased to be able to once again count on the support of our partners, some of whom have been with us since the very beginning of Germain Hotels in 1988. Building on the success of our boutique hotel concept, we are determined to pursue our growth across Canada in the years to come and continue serving clients whose expectations are increasing and are looking for unique experiences."
Charles Émond, la Caisse's Executive Vice-President, Québec, Private Equity and Strategic Planning, said:
"Since the creation of Alt Hotels, we have been supporting the expansion of this Québec-based leader, which is successfully navigating a rapidly changing industry where the quality of the guest experience and ability to innovate are key. This latest investment will allow the Alt brand to continue to grow and to add new hotels to the chain, whose success benefits our depositors and showcases Québec talent across Canada."
ABOUT ALT HOTELS
At Alt Hotels, we march to a different beat by giving guests the best of what they want without any extra fluff. Alt Hotels are located in Calgary, Saskatoon, Winnipeg, Toronto, Ottawa, Québec City, Montréal, Brossard, Halifax and St. John's, and soon at the Ottawa airport and University of Calgary. Alt Hotels. Stay unconventional.
ABOUT GERMAIN HOTELS
Germain Hotels is a Canadian family-run business that owns and operates Le Germain Hotels, Alt and Alt+ Hotels across Canada. Ranked as one of Canada's 50 best-managed companies, the business is known for its exceptional hospitality philosophy and the unique style that characterizes its hotels. Celebrating its 30th anniversary in 2018, the 1,500-employee company has already reached its ambitious target of 20 hotels by 2020, and now aims to become the first independent hotel company to offer travellers a truly Canada-wide chain of hotels. Visit Germain Hotels.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CAD 326.7 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
SOURCE Caisse de dépôt et placement du Québec
For further information: FRANCE SAVARD, Senior Public Relations Coordinator, Germain Hotels, +1 514 954 0702, [email protected]; MAXIME CHAGNON, Chief of Global Media Relations, Caisse de dépôt et placement du Québec, +1 514 847 5493, [email protected]