MONTREAL — Group Germain Hotels announced yesterday a transaction valued at more than $80 million in share capital to be added to the Alt Canada Investment Fund L.P. (Alt Hotels).
This transaction is the second of this value in three years. “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 in Montreal. “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.”
The private and institutional partners who participated in the financing announced in 2011 are back and include La Caisse de dépôt et placement du Québec, Investissement Québec, La Capitale Financial Group and Industrial Alliance. New partners include: the Fonds de solidarité FTQ and DNA Capital, which acted as a financial broker for the Alt Canada Investment Fund L.P.
The Alt concept was officially launched in 2007 with three new Alt Hotels planned for Winnipeg (2015), Ottawa (2016) and Calgary (2017).