QUEBEC CITY, Jan. 16, 2025 /CNW/ - Four First Nations, united under a newly created entity, Atenro, have announced a partnership with InnVest Hotels to acquire a majority stake in Hilton Québec. Hilton will continue to manage the hotel.
The four First Nations represented are the Naskapi Nation of Kawawachikamach by the Taasipitaakin Trust, the Mi'gmaq of Gespe'gewa'gi by Mi'gmawei Mawiomi Resources LP, the Huron-Wendat Nation by the Wendat Investment Corporation LP and the Cree Nation by the James Bay Eeyou Corporation. Together, they created the Atenro limited partnership, which means "friendship" in the Wendat language.
This agreement marks a significant step in strengthening the economic participation of First Nations in several sectors in Quebec, including the hotel industry. It should be noted that several First Nations already own or share hotel establishments in Quebec.
"Our new partnership demonstrates the willingness of Indigenous communities to invest in the economy in a sustainable way and to strengthen their financial self-sufficiency. The revenues generated by our other investments, such as wind, allow us to diversify our investments," said Fred Vicaire, CEO of Mi'gmawei Mawiomi Business Corporation, the General Partner of Mi'gmawei Mawiomi Resources LP.
"By investing in hospitality properties, we have the opportunity to create spaces that showcase our heritage and allow visitors to learn more about our cultures. It also strengthens our economic position and financial autonomy, while contributing to the sustainable development of our communities," said Henry Gull, President of the James Bay Eeyou Corporation.
"This acquisition is a concrete example of how First Nations can play a key role in Quebec's economic development, while preserving and enhancing their unique cultural heritage. The development of our communities also requires strategic investments outside the territory," said Louise Nattawappio, Chief of the Naskapi Nation.
"The Wendat Nation is proud of this major investment, which is also found on its magnificent territory, the Nionwentsïo. It is even more significant since it is sealed by an economic alliance with the Eeyou, the Mi'gmaq and the Naskapi. This historic transaction honours the memory of the Wendat ancestors who once had an important network of trade and trade alliances. We continue in the same tradition and set an example for our younger generations where collaboration, ambition and visions can converge into concrete successes that promote our financial independence," said Grand Chief Pierre Picard.
Acquiring all or most of the shares of a hotel allows you to share and promote the rich culture and traditions of the First Nations with visitors. This can include elements of design, crafts, cultural activities, and unique dining experiences.
"Hilton Quebec is a high-performing hotel in our portfolio, and this very important agreement with our First Nations partners in Quebec allows us to unlock the value of this property while providing a dynamic new investment opportunity for new owners. Our InnVest team will continue to be actively involved with the Hotel as Asset Managers for the new partnership. We are thrilled to welcome the Naskapi Nation of Kawawachikamach, the Mi'gmaq of Gespe'gewa'gi, the Huron-Wendat Nation, and the Cree Nation on this exciting journey," said Lydia Chen, CEO of InnVest Hotels.
The new owners plan to implement joint initiatives with Hilton Québec and InnVest Hotels to provide employment and training opportunities for members of all First Nations. All current jobs will be maintained. The new owners recognize the exceptional quality of work of all the hotel's team members and nothing will change as a result of this acquisition.
Located a few steps from Old Quebec City and Parliament Hill, Hilton Québec is recognized for its excellence in hospitality and services. It is one of the jewels of Quebec City's hotel industry. It features 569 modern rooms and spacious suites with spectacular views of the city.
Directly connected to the Quebec City Convention Centre, the hotel has the largest ballroom in the city and a total of 22 meeting rooms (23,000 ft2 of space). It has a bar and two restaurants. It also offers a fitness centre and a heated outdoor swimming pool.
The parties involved retained the professional services of Atmacinta, Cain Lamarre, Plan A Capital and Gowling WLG to carry out the acquisition project and acknowledge the exceptional support of Bank of Montreal and the First Nations Bank of Canada for their commitment to ensure successful closing of the acquisition by providing requisite credit financing.
About the Naskapi Nation of Kawawachikamach
The Naskapi Nation of Kawawachikamach, located near Schefferville, is the only Naskapi community in Quebec. It was a signatory to Quebec's second modern treaty, the Northeastern Quebec Agreement, in 1978. The Naskapi have a registered population of over 1,500 members.
About the Huron-Wendat Nation
The Wendat Nation, a Nation rich in history and tradition. Its community, Wendake, is located north of Quebec City. In 1760, it concluded a treaty of peace and alliance with the British Crown, the Huron-British Treaty, which has since been recognized by the Supreme Court of Canada. Today, this Nation is home to more than 5,000 Wendat, forming a strong, prosperous and proud community.
The Council of the Wendat Nation is the institution that represents and defends the interests and rights of the Wendat in addition to offering them a range of services.
About Mi'gmawei Mawiomi Resources LP
Mi'gmawei Mawiomi Ressources SEC (MMR LP) is a company owned by the three Mi'gmaq communities of Gaspésie: Gesgapegiag, Gespeg and Listuguj. Through its operational arm, Mi'gmawei Mawiomi Business Corporation (MMBC), MMR LP invests in strategic and diversified projects to stimulate economic development and ensure sustainable benefits for its communities. This commitment is based on a long-term vision, aligned with Mi'gmaq values and respect for their territory.
About the James Bay Eeyou Corporation (Eeyou Companee)
Founded in 1986, the James Bay Eeyou Corporation or Eeyou Companee (in Cree) was created under the La Grande Agreement with Hydro-Québec and its subsidiary, the Société d'énergie de la Baie James (SEBJ). Headquartered in Chisasibi, Eeyou Companee manages the funds provided to the Crees under various agreements with Hydro-Québec. The mandate of Eeyou Companee is to promote the traditional way of life, improve social conditions, foster economic development, provide training and employment opportunities for the Crees, and facilitate cooperation between the Crees and Hydro-Québec.
About InnVest Hotels
InnVest Hotels is Canada's hospitality industry leader, specializing in asset management, construction and hotel operations. InnVest's extensive portfolio includes more than 100 owned and managed hotels, encompassing globally recognized hotel brands. With our skilled management team overseeing the day-to-day operations of our owned and third-party hotels, InnVest proudly stands as the largest hotel owner and operator in Canada. Visit our online site to learn more about InnVest Hotels.
SOURCE Atenro
Stéphane Gasse, [email protected], 418-265-8056
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