A transaction valued at more than $80 million in share capital will be added to the Alt Canada Investment Fund L.P. The new investment will allow Group Germain Hotels to develop the Alt Hotels brand in Canadian markets where it does not currently have a presence.
Group Germain made the announcement of the investment on Wednesday, December 3, 2014. It is the second transaction of this value in three years, the company reported. As such, it stated, it is a testament to the confidence of the institutional and private financial partners regarding the company’s performance and the growth potential of Alt Hotels.
“The stature of the group of investors that we have brought together is a point of pride for us,” said Jean-Yves Germain, co-president, Group Germain Hotels. “Our partners from 2011 continue to believe in us, while several renowned new partners, including some from overseas, have joined the group. This demonstrates not only that we meet their criteria for profitability, but that the hotel industry represents fertile ground for growth.
- La Caisse de dépôt et placement du Québec (lead investor)
- Investissement Québec
- La Capitale Financial Group
- Industrial Alliance
- Fonds de solidarité FTQ
- DNA Capital
The Alt concept was officially launched in 2007 with the opening of the brand’s first hotel in Brossard, Quebec’s Quartier DIX30, followed by a second property in Quebec City in 2008. The brand then expanded across Canada, opening properties at Toronto’s Pearson International Airport (2012), Halifax’s Stanfield International Airport (2013) and in Montreal (2014). Three more hotels are planned for Winnipeg (2015), Ottawa (2016) and Calgary (2017).