Quebec chain gets funding to broaden Alt Hotels brand across Canada

By The Canadian Press

MONTREAL – Quebec’s Germain Hotels team plans to expand its Oll Hotels banner across Canada right after securing $80 million of additional funding from investors.

Group Germain Hotels co-president Jean-Yves Germain said the new financial assistance demonstrates “that the hotel industry represents fertile ground for growth. ”

The areas 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.

Primary investors from 2011 — the particular Caisse de depot, Investissement Quebec, La Capitale Financial Group and Industrial Alliance (TSX: IAG. TO – News) — provided the extra undisclosed funding.

They may be joined by the Quebec Federation associated with Labour’s Solidarity Fund, Montreal expense bank DNA Capital and an undisclosed European investor.

Five Alt Hotels have opened up 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, inch said Caisse de depot executive vice-president Christian Dube.

Note to readers: This tale corrects an earlier version that said the new funding will be used to open hotels in Winnipeg, Ottawa and Calgary


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By The Canadian Push

MONTREAL – Quebec’s Germain Hotels group plans in order to expand its Alt Hotels banner across Canada after securing $80 million of additional funding through 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 3 years in Winnipeg, Ottawa and Calgary.

Original investors through 2011 — the Caisse sobre depot, Investissement Quebec, La Capitale Financial Group and Industrial Alliance (TSX: IAG. TO – News) — provided the additional undisclosed funding.

They are joined by the Quebec Federation of Labour’s Solidarity Fund, Montreal investment bank GENETICS Capital and an undisclosed Western european investor.

Five Oll Hotels have opened since 2007, including two in the Montreal area, one in Quebec, one at Toronto’s Pearson International Airport and one on the airport in Halifax.

“Through this $15-million reinvestment, this particular 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.

Note in order to readers: This story corrects an earlier version that said the new funding is going to be used to open hotels in Winnipeg, Ottawa and Calgary

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