Texas firm Westmont to buy Fairmont Le Château Montebello

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeReal EstateCommercial Real EstateTexas firm Westmont to buy Fairmont Le Château MontebelloThe transaction is expected to close on Nov. 15Author of the article:Fairmont Le Château Montebello, which has hosted luminaries including Grace Kelly and Margaret Thatcher, was put up for sale this year by PricewaterhouseCoopers, the court-appointed receiver. Photo by PETER WILSON/STAR PHOENIXWestmont Hospitality Group agreed to buy China Evergrande Group’s iconic log-cabin hotel in Canada out of bankruptcy proceedings after the Chinese real estate company failed to make payments on its debt.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountFairmont Le Château Montebello, which has hosted luminaries including Grace Kelly and Margaret Thatcher, was put up for sale this year by PricewaterhouseCoopers, the court-appointed receiver. The acquisition was approved by the Quebec Superior Court in a decision released Thursday, and the transaction is expected to close on Nov. 15. No financial details were disclosed.A total of 30 bids were initially made and deemed admissible. A group that included Michael Andlauer, the owner of the Ottawa Senators professional hockey team, made an offer for the resort and had pledged to invest as much as $150 million.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againAnother group had attempted to block the sale of the resort, arguing that it was sidelined despite making a higher offer because of its intention to remove Accor SA’s Fairmont Hotels and Resorts as manager of the hotel.Evergrande’s collapse was by far the biggest in a real estate crisis that dragged down China’s economic growth for years and led to a record spate of distress among builders. The company, which first defaulted in 2021, was once the country’s largest developer by sales.The firm’s insolvent subsidiary, Millennium Golden Jiachen Hotel Holdings Ltd., owed $58 million to creditors, including $11 million to an affiliate of Desjardins Group, a Canadian financial firm that was represented by law firm Gowling WLG in the legal proceedings.Westmont Hospitality was founded in the 1970s and is based in Houston, according to the firm’s website and LinkedIn profile. It has more than 500 hotels under the brands of major chains such as Fairmont, Hilton Worldwide Holdings Inc., Marriott International Inc., and InterContinental Hotels Group Plc.Billing itself as the world’s largest log cabin, the 96-year-old Chateau Montebello opened as a private club near the beginning of the Great Depression.The hotel, with more than 200 rooms and suites, is located around 130 kilometres west of Montreal and includes an 18-hole golf course, a spa and a conference centre. Evergrande bought it in 2014 from Oxford Properties Group, a unit of the Omers pension plan.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.