February 25, 2011
The Fairmont Algonquin,, in St. Andrews, N.B., faces an uncertain future after the hotel company announced it won’t renew its management contract at the end of the year, according to the Telegraph-Journal.
Tourism minister Trevor Holder announced Wednesday the 122-year-old hotel and golf course is going on the block following Fairmont’s announcement.
Holder said the hotel needs between $15-million and $20-million in renovations and repairs, money the province cannot afford, according to the Telegraph-Journal.
He said the government will list the property with a real estate firm that specializes in marketing, selling and leasing resorts such as the Algonquin, hoping to secure a private-sector investor.
“The wrecking ball is not an option,” Holder said, quoted in the Telegraph-Journal.
The seaside hotel, which also features a golf course, opened in 1889. The province leased the hotel in 1973 and bought it in 1984.
For more info, visit the Telegraph-Journal’s site