Four First Nations acquire majority stake in Hilton Hotel in Quebec City
Posted January 16, 2025 9:28 am.
Last Updated January 16, 2025 9:29 am.
Four First Nations have joined forces in a new entity to acquire a majority stake in the Hilton Hotel in Quebec City.
The four nations taking part in this project are the Naskapi Nation of Kawawachikamach, the Mi’gmaq of Gespe’gewa’gi, the Huron-Wendat Nation and the Cree Nation.
In a joint press release on Thursday, the nations argue that this agreement “marks a significant step in strengthening the economic participation of First Nations in several sectors in Quebec, including the hotel industry.”
They emphasize that acquiring all or a majority of the shares of a hotel allows “the rich culture and traditions of the First Nations to be shared and promoted with visitors.”
The Hilton Québec, which opened its doors in 1974, has 569 rooms. It underwent a major facelift in 2020, during renovations worth $70 million.
The four First Nations created a new entity, called Atenro, to complete the transaction with InnVest Hotels. The value of the transaction was not disclosed.
InnVest “will continue to be actively involved in the hotel as the asset manager for the partnership,” the Toronto-based company said.
As part of the transaction, all current jobs will be maintained, while the new buyers plan to implement initiatives aimed at “providing employment and training opportunities for members of all First Nations.”
–This report by La Presse Canadienne was translated by CityNews
