Concorde sale saga isn’t over yet

Concorde sale saga isn’t over yet

Quebec City (Quebec) 28 October 2014 – The Concorde Hotel may be reopen and the restaurant turning as it should be but, the whole deal about its sale and the intervention by the city invoking a law claiming the new owners had to maintain its original vocation as a hotel, might be about to get nasty.

If we go back to when the hotel was up for sale, there were some buyers, call them investors, who wanted to turn the hotel into condos at the same time keeping some floors open as a hotel. These investors, who at the time were anonymous, were denied their rights to purchase the building because of what they call an “illegitimate” act by the city to discourage them from carrying on with the deal.

Mayor Labeaume at the time even made reference to the media that these investors could be tied to the mafia, supposedly basing his information from two sources. Labeaume however, never released his sources when asked and never produced any proof to back-up his statements.

The investors involved, Isaac Darwiche, his father Simantob, together with the real estate promoter Michel Delisle are now suing the city for illegitimacy, and misrepresentation, stating their property purchasing rights were violated, restricting them from making a normal business transaction because of interference by the city. Some may even call it “protectionism”.

The parties involved had until Friday, October 24 to depose their legal documents in order to start the proceedings.

This is going to be an interesting case to follow which could end up costing the city up to $12 million in damages if the investors win their cause.

Categories: Business, News

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