Transaction Cancelled: Concorde Fails to Sell

Transaction Cancelled: Concorde Fails to Sell

The transaction between Loews le Concorde and Urgo family ultimately failed, and, to the dismay of the hotel employees.

The employer informed the 350+ staff members that the sale of the hotel would not be taking place. “The sale with Urgo has failed and there are no other potential buyers.The owners have decided to keep the hotel with plans to invest money into it, “said Jacques Fortin, the head of the workers’ union at Loews.

For unknown reasons, the leaders of the Urgo Hotels Company have decided to terminate the transaction after several months of negotiations and after filing an official offer to the owners of Loews. “We had high hopes. Urgo had requested an extension to make further verifications. They came for a visit, and we saw them in the hotel, reported the union president. Then we no longer saw them for about ten days and we thought they had all the information they wanted.”

Moreover, there was less than a month until Serge Primeau, the vicepresident of operations for Urgo Hotels, had confirmed with the union that they had plans to turn it into a “jewel” under the Marriott name.

Disappointed

Without a shadow of doubt, the employees are disappointed by the turn of the events, as their collective agreement has now been expired for over a year. “We had felt abandoned by Loews and Urgo, with the project which they had planned for this hotel, things were rather positive,” underlined Mr. Fortin, indicating that “Loews was also in shock as well.”

The Former Project

The future of the hotel will be managed by the owners of Loews. According to the labour union, they had suggested that they would reinvest approximately 10 million dollars to renew the hotel and remain under the Loews name. “Whether it is with a new employer or with Loews, this hotel has been losing money for a few years.

To get to where they want to go, we will soon see the processes being furthered as they are going to begin negotiating a new agreement.
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LifeinQuebec.com Staff Writer

Categories: Business

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