Potential owners of the Fairmont Le Château Montebello have been given a chance to revise their bids for the historic resort, but the founder of Groupe Nordik says his group of investors is happy with what they’ve submitted. Bidders originally had until May 13 to submit binding offers for the iconic resort and the adjoining […]
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Potential owners of the Fairmont Le Château Montebello have been given a chance to revise their bids for the historic resort, but the founder of Groupe Nordik says his group of investors is happy with what they’ve submitted.
Bidders originally had until May 13 to submit binding offers for the iconic resort and the adjoining 21-hectare property, with the winning bidder expected to be announced on June 22. However, court-appointed receiver PricewaterhouseCoopers told bidders in a letter dated June 19 that “no binding offer has been selected at this time.”
The accounting firm said qualified bidders are being given “a last and final opportunity to put their best foot forward” and submit a binding offer or “revise and improve” their previous bids. The deadline for those offers is now noon on Friday.
Martin Paquette, who has submitted a bid for the Château Montebello alongside Ottawa Senators owner Michael Andlauer, Devcore Group president Jean-Pierre Poulin and two unnamed real estate entrepreneurs, told OBJ Wednesday he thinks the group has already presented a compelling offer for the property.
“I think everyone in our group is looking at this as protecting this jewel,” he said. “We want to do it because it’s the right thing to do. I think our bid is the right bid. It’s a bid that will allow us to take the property to another level. I think we’re good with what we’ve put in place.”
According to the latest letter from PricewaterhouseCoopers, the revised deadline for selecting the final successful bid will be “no later than” July 10 at 5 p.m.
Paquette said that although nothing is decided yet, the group has big plans for the property, which could include adding a second hotel or condos.
“In Montreal, you can go to the Fairmont and you can own a room or buy a suite,” he said. “It’s a big real estate property, and I think there’s a smart project to be done … Having the property developed properly (would allow) the money generated by the development to be re-injected into protecting this jewel.”
He added that, under the group’s arrangement, all members would be minority partners, with no majority stakeholder.
For Paquette, the founder and CEO of Groupe Nordik, the property holds sentimental value as a long-time destination for family getaways. He previously told OBJ that he’s been interested in investing for years.
“The stars never really aligned until now,” he told OBJ earlier this month. “I started to look at it again. We wanted to make sure we had the right partnership. Once Michael Andlauer got involved, I found the stars were finally aligning. That partnership made sense. We had a land developer, a builder, the vision and experience.”
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.
— With additional reporting from David Sali 
