Quebec-based Germain Hotels has raised $160 million in a new investment round led by CDPQ, with participation from the Fonds de solidarité FTQ and Investissement Québec.
The funds will support the company’s expansion plans across Canada and help consolidate its network of properties under a single corporate entity.
The company also announced the merger of Groupe Germain Inc. and Alt Canada Investment Corporation SEC, which will now operate collectively as Germain Hotels.
"We're very pleased to count on the renewed commitment of high-quality partners," said Jean-Yves Germain, Co-Founder and Co-President of Germain Hotels.
"This additional investment marks an important milestone in the growth of our family business. It gives us the means to achieve our ambitions while remaining true to our core values."
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Germain Hotels, known for its Alt and Le Germain banners, currently operates 19 properties. The new funding will help launch several upcoming locations, including Alt Hotel Ottawa Airport set to open in fall 2025, Le Germain Hotel Casino de Montréal, and Le Germain Hotel Vancouver.
"Since its inception, Germain Hotels has distinguished itself by its ability to innovate in a changing sector," said Dany Pelletier, Executive Vice-President, Private Equity and Impact Investing at Fonds de solidarité FTQ.
"We are proud to once again support this flagship of Québec's hotel industry."
Christiane Germain, Co-Founder and Co-President, said the merger and investment position the company to act swiftly in a competitive market. "Merging into a single entity will strengthen Germain Hotels' agility and give it the financial and organizational resources to seize new opportunities in the Canadian hotel market. We are enthusiastic about the opportunities that lie ahead and about promoting Québec's expertise."
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