A group of local entrepreneurs bidding to buy the Fairmont Château Montebello plans to invest more than $100 million into upgrading the historic resort with 125 new luxury hotel suites and other amenities that would include a “spa right on the mountain,” one of the partners in the bid told OBJ on Monday. Devcore president […]
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A group of local entrepreneurs bidding to buy the Fairmont Château Montebello plans to invest more than $100 million into upgrading the historic resort with 125 new luxury hotel suites and other amenities that would include a “spa right on the mountain,” one of the partners in the bid told OBJ on Monday.
Devcore president Jean-Pierre Poulin said the group — which also includes Ottawa Senators owner Michael Andlauer, Groupe Nordik founder Martin Paquette and Quebec-based entrepreneurs Edouard Wakim and Charles-Antoine Hallé of Elevate Real Estate — is prepared to pump between $100 million and $150 million into the property before it celebrates its 100th anniversary in 2030.
“That’s an aggressive plan, but we need to win (the bid) first,” he said. “So let’s hope for the best.”
Poulin said the group improved its initial bid for the Château Montebello “significantly” after court-appointed receiver PricewaterhouseCoopers gave qualified bidders “a last and final opportunity” to “revise and improve” their offers last month.
The winner is expected to be announced on or around July 10, Poulin said, adding the decision likely won’t come down to price alone.
“We are aggressively pursuing this, and we’ve upped our bid,” he said. “I think now it’s going to be on the ability of the team to deliver the project, close on the transaction, keep it simple and (have) the ability to deliver after this. I think our chances are really good. We have a great group.”
Built in the 1930s, the log hotel was purchased by Chinese property developer China Evergrande Group in 2014. In 2024, the company was ordered by a court to liquidate its assets after incurring US$300 billion in liabilities with no plan to refinance.
The resort has operated under the Fairmont banner since 2000. Fairmont Hotels and Resorts continues to manage the 21-hectare property, which features 211 hotel rooms, skiing and hiking trails, indoor and outdoor pools, an 18-hole golf course, a 100-slip marina and other recreation facilities.
The site would remain a Fairmont-managed property as part of the group’s vision for “Château Montebello 2.0,” said Poulin. He and his partners feel strongly about preserving its character, he explained, noting Wakim grew up just minutes from the historic resort.
At the same time, he said, the property needs to be upgraded to modern standards.
Evergrande renovated about half of the existing hotel rooms over the past decade, but the rest still need to be spruced up, Poulin noted. In addition, he and his partners intend to spend at least $100 million to build another 125 hotel-condos next to the existing structure, raising the total number of suites to nearly 350.
“For a convention centre, it’s kind of the magic number,” Poulin said.
Paquette, who has run Spa Nordik in Chelsea for the past 20 years, plans to invest $25 million to create a “Château Montebello spa right on the mountain” with multiple pools, hot and cold baths and other amenities, Poulin added.
Meanwhile, the group is pledging a $5-million makeover of the marina that would expand it from 100 to 200 slips and turn it into “the most stunning marina between Montreal and Ottawa,” Poulin said. It also wants to pump $5 million into remodelling the golf course “to make it one of the top 10 in Quebec” and build additional housing near the course.
The group’s bid has received support from the mayor of Gatineau, Maude Marquis-Bissonette. In a recent letter, she encouraged PwC to consider the group’s regional expertise, and the added value of buyers who understand the local landscape.
“This group of potential buyers, in addition to their in-depth knowledge of the stakeholders and specific characteristics of the vast Gatineau-Ottawa region, appears to possess all the necessary tools and resources to ensure the success of this acquisition by maintaining and enhancing the exceptional character of the property and this important asset, which is much more than a hotel; it is also a source of pride and collective memory,” she said in the letter, which was written in French.
The resort is located about an hour’s drive east of Gatineau, halfway between the city and Montreal. Despite the distance, Marquis-Bissonette said Château Montebello is a major attraction for travellers in the area.
“Although this tourist establishment is located outside the city limits of Gatineau, it is undoubtedly an iconic landmark for the Outaouais region,” she wrote in the letter. “It is therefore reassuring and exciting to see a group representing local interests interested in acquiring this central component of economic and tourism development.”
Poulin said he’s hopeful the group will succeed.
“We feel really confident we’ve got everything it takes to take (the resort) to the next level,” he said. “We feel good.”
— With additional reporting from Mia Jensen
