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The local ownership group bidding to purchase the Château Montebello says it has significantly increased its offer as the sale of the historic resort enters its final days.
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A court-supervised bidding process is expected to conclude this Friday after prospective buyers were given a final opportunity last month to revise or improve their offers.
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Jean-Pierre Poulin, CEO of Devcore Group and part of a Gatineau-Ottawa consortium that includes Ottawa Senators owner Michael Andlauer and Nordik Spa founder Martin Paquette, said the group submitted a higher bid as part of the final phase of the process.
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“We did up our bid. We increased our original bid in a significant way, hoping that it can make a difference,” Poulin said.
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He said the group believes the selection process will be based on more than just the highest price.
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“We understand now the selection process is not just about the highest bidder, but also on the capability of the team to deliver the vision, to close on the transaction, to deliver the project after closing, and to have a smooth transition for the employees while keeping Fairmont,” he said.
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Poulin said the consortium recently received a letter of support from Gatineau mayor Maude Marquis-Bissonnette.
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If successful, the group plans to invest between $100 million and $150 million over the next four years to renovate the property, expand the marina and golf course, and add around 125 hotel rooms in a new building connected to the existing resort ahead of the Château Montebello’s 100th anniversary in 2030.
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The 211-room resort was put up for sale after Hong Kong-based China Evergrande was ordered into liquidation.
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Qualified bidders were initially expected to learn the successful purchaser in June, but the process was extended after no winning bid was selected. Court-appointed receiver PricewaterhouseCoopers gave bidders a final opportunity to revise their offers before setting a new target date of July 10 for selecting the successful bid.
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With files from Aedan Helmer
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