Happy Ending for Iconic Quebec Hotel?

Happy Ending for Iconic Quebec Hotel?

Loews Le Concorde hotel’s future, which was put on the market in July 2012, could soon discover a happy ending. The hotel management company Urgo Hotels placed an purchase offer on this building on Grande-Allée and is waiting for the verifications to officially announce its new acquisition.

The American company, who already manages the Courtyard Marriott in Place D’Youville, wants to transform the 400 room hotel into a Marriott. It is not possible to know for now the exact vision of the buyers, although they do want to preserve its purpose.

When it was put on sale, rumours were that the 28 storey building could be transformed into condos. A formation that Sylvain Gauthier, the Concorde president, had rejected in October. Jacques Lapierre, manager of the Courtyard Marriott, didn’t want to confirm the Loews purchase by his parent company, but affirmed that it is what is currently circulating within the hotel industry. Vice-president of operations for Urgo Hotels Canada, Serge Primeau, is also keeping his cards close to his chest for now.

Serge Primeau met the Loews union a dozen days ago to announce its Urgo Hotel’s intention to take control of the touristic building. Even though he didn’t answer all the union members’ questions, the fact that the potential buyers took the time to meet with the Loews union is a sign of respect. A general assembly is scheduled April 8 to make a point on the union requests to the new owners.

If everyone is careful when talking about the purchase, it is because Urgo Hotels has 45 days after accepting the offer to perform verifications.

Therefore, it could retract in late April. The property at 1225, cours du Général-De Montcalm, is valued at $22.4 million according to the most recent municipal valuatuion, about $4 million for the land and $18 million for the building. It is a $10 million decrease from the previous valuation in 2010.
LifeinQuebec.com Staff Writer

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