Canada-based Germain Hotels has secured C$160m ($115.25m) in an investment round, led by Caisse de dépôt et placement du Québec (CDPQ).
The round saw participation from development capital fund Fonds de solidarité FTQ and Investissement Québec, a financial services company.
CDPQ executive vice-president and Québec head Kim Thomassin added: "For nearly 15 years, CDPQ has played a major role in supporting Germain Hotels at three key moments in its expansion across Canada."
"By leading this new round of financing, we continue to stimulate the growth of a Québec company with a distinctive business model. Our aim is to sustain Germain Hotels' success over the long term and reinforce its leadership in the Canadian hotel market."
This financial infusion is set to consolidate Germain Hotels' network of properties and is expected to propel its development nationwide.
The company has also revealed a strategic merger of Groupe Germain and Alt Canada Investment SEC, unifying under the Germain Hotels brand.
This move is designed to streamline the company's organisational structure and bolster its growth trajectory.
A family-run business with a three-generation history, Germain Hotels currently operates 19 properties. With the support of both institutional partners and private investors, Germain Hotels has consistently expanded its footprint, the company stated.
The company has announced plans for the opening of Alt Hotel Ottawa Airport in late 2025, followed by Le Germain Hotel Casino de Montréal and Le Germain Hotel Vancouver. These developments are part of a long-term strategy to enhance the company's presence throughout Canada.
Germain Hotels co-founder and co-president Christiane Germain said: "Merging into a single entity will strengthen Germain Hotels' agility and give it the financial and organisational resources to seize new opportunities in the Canadian hotel market. We are enthusiastic about the opportunities that lie ahead and about promoting Québec's expertise."
In October 2023, Germain Hotels launched its 19th property, Alt Hotel Calgary University District.
