MONTREAL — Groupe Germain announced an $80-million investment to expand Alt Hotels in Canada.
“Alt Hotels are part of a sweeping trend in accommodation, especially in Europe and Asia, and our research has clearly shown this type of accommodation, which offers a design-atmosphere-decor equation at the best possible price, is lacking in Canada’s hotel industry. Our investors have confidence in us to develop this hotel concept in Canada,” explained Christiane and Jean-Yves Germain, co-presidents, Groupe Germain. “This injection of more than $80 million in share capital will enable us to continue expanding in Canada.”
The investment comes from private and public financiers, including the Caisse de dépôt et placement du Québec, Investissement Québec, La Capital Financial Group, Industrial Alliance Insurance and Financial Services Inc.
The hotel company operates five luxury Germain hotels in Quebec City, Montreal, Toronto and Calgary as well as the two lower-priced Alt properties in Quebec City and Brossard. The investment will enable the family business to add eight more Alt hotels.
Groupe Germain was recently honoured at the 23rd Pinnacle Awards as Regional Company of the Year.