An international hospitality company based in Mississauga has won the bid to purchase the historic Fairmont Le Ch\u00e2teau Montebello.<\/p>\n
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An international hospitality company based in Mississauga has won the bid to purchase the historic Fairmont Le Ch\u00e2teau Montebello.<\/p>\n
Westmont Hospitality Group \u2014 which manages more than 500 hotels worldwide under major brands like Hilton, Marriott and Hyatt \u2014 has agreed to buy the hotel for an undisclosed price, according to court documents.\u00a0<\/p>\n
Built in the 1930s, the log hotel was purchased by Chinese property developer China Evergrande Group in 2014. In 2024, the company was ordered by a court to liquidate its assets after incurring US$300 billion in liabilities with no plan to refinance.<\/p>\n
The resort has been on the market since, with accounting firm PricewaterhouseCoopers overseeing the sale.\u00a0<\/p>\n
The resort has operated under the Fairmont banner since 2000. Fairmont Hotels and Resorts continues to manage the 21-hectare property, which features 211 hotel rooms, skiing and hiking trails, indoor and outdoor pools, an 18-hole golf course, a 100-slip marina and other recreation facilities.<\/p>\n
Westmont Hospitality beat out other bidding groups, including a local one led by Ottawa Senators owner Michael Andlauer and Devcore Group president Jean-Pierre Poulin. In addition to Poulin, the group included other notable Quebec investors, including Groupe Nordik founder and CEO Martin Paquette, and entrepreneurs \u00c9douard Wakim and Charles-Antoine Hall\u00e9 of Elevate Real Estate Properties, based in Quebec City.<\/p>\n
The group had told OBJ it was prepared to pump $100 million into the property before the hotel celebrates its 100th anniversary in 2030.\u00a0<\/p>\n