QUEBEC CITY — Germain Hotels announced a new $50-million round of investment in ALT Canada Investment Partnership L.P. aimed at enabling the company’s cross-country growth in the coming years.
Caisse de dépôt et placement du Québec was the lead investor on the transaction. This marks the third round of investments in the hotel chain and brings the total investments in Alt hotels to $210 million in the past decade.
“We’re pleased to be able to once again count on the support of our partners, some of whom have been with us since the very beginning of Germain Hotels in 1988. Building on the success of our boutique-hotel concept, we’re determined to pursue our growth across Canada in the years to come and continue serving clients whose expectations are increasing and are looking for unique experiences,” says Christiane and Jean-Yves Germain, co-presidents of Le Germain Hotels.
The investments over the past nine years have resulted in the hotel company’s growth from two hotels in 2008 — located exclusively in Québec — to 12 hotels across the country.
“This latest investment will allow the Alt brand to continue to grow and to add new hotels to the chain, whose success benefits our depositors and showcases Quebec talent across Canada,” says Charles Émond, executive vice-president, Private Equity and Strategic Planning at la Caisse de dépôt et placement du Québec.