The Caisse de dépôt et placement du Québec is investing in a $50-million equity raising round for a subsidiary of Quebec hotel operator Le Germain Hotels.
In addition, Fonds de solidarité FTQ, iA Financial Group and La Capitale participated in the round for ALT Canada Investment Partnership, which manages 12 Alt Hotel locations in 10 Canadian cities, including Calgary, Toronto, Montreal, Quebec City and St. John’s.
The funding will allow the Alt Hotels brand to grow across Canada, largely through opening new locations, according to a press release.
Read: The Caisse invests in Germain hotel expansion
This is the third fundraising round for Alt Hotels, which has raised a total of $210 million since 2011.
“Since the creation of Alt Hotels, we have been supporting the expansion of this Quebec-based leader, which is successfully navigating a rapidly changing industry where the quality of the guest experience and ability to innovate are key,” said Charles Émond, the Caisse’s executive vice-president of Quebec, private equity and strategic planning.
“This latest investment will allow the Alt brand to continue to grow and to add new hotels to the chain, whose success benefits our depositors and showcases Quebec talent across Canada.”