Quebec City - On December 18, 2024, InnVest Real Estate Investment Trust and InnVest Hotels GP Ltd. (InnVest Hotels) sold a 51% stake in the Hilton Quebec hotel to Atenro SEC, a partnership comprising the Huron-Wendat Nation Council, Naskapi Nation of Kawawachikamach, Mi’gmaq of Gespe’gewa’gi, and the Cree Nation. The transaction was concluded for nearly 85.6 million dollars.
The establishment, which underwent a major 70 million dollar renovation in 2020, features 569 rooms and suites. The buyer, Atenro (meaning “friendship” in Wendat), is a newly created partnership that aims to offer employment and training opportunities to First Nations members.
Atmacinta Inc., Cain Lamarre, Plan A Capital, and Gowling WLG acted as advisors for the transaction, while BMO and First Nations Bank of Canada provided financing.
This acquisition marks a significant step in Indigenous participation in the hospitality industry and economic development in Quebec.
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