Among
the noteworthy deals of the past week was Four First Nations and InnVest Hotels
acquiring a majority stake of the Hilton Quebec in Canada.
QUEBEC — Four
First Nations joined Toronto-based InnVest Hotels to acquire a majority stake
in the 569-key Hilton Quebec in Canada from an undisclosed seller for an
undisclosed price.
The Naskapi
Nation, the Mi'gmaq, the Huron-Wendat Nation, and the Cree Nation united under
a newly formed entity, Atenro, to complete the acquisition. Hilton will
continue to manage the hotel.
Bank of Montreal and First Nations Bank of Canada provided the credit financing.
The Atenro
entity represents a significant move towards increasing the economic
participation of Four First Nations in various sectors across Quebec, including
the hotel industry. Several Four First Nations in the province already own or
share hotels.
The Hilton
Quebec is directly connected to the Quebec City Convention Centre, which hosts
the city's largest ballroom and 22 meeting rooms. The hotel also includes a bar
and two restaurants.
To download
our list of deals from the past week in Excel format, click here.