The real estate subsidiary of the Caissede dépôt et placement du Québec devotes $66 million to the revitalization of an iconic monument of Quebec's heritage.
MONTREAL, March 29, 2012 /PRNewswire/ - Ivanhoé Cambridge is undertaking an extensive upgrade project for the Château Frontenac, one of its flagship properties. The $66-milllion investment will finance the complete transformation of guest rooms, the main lobby and a good number of distinctive features in order to reinforce the Château Frontenac's position as one of the greatest hotels in North America.
"This transformation will not only assure the longevity of an important emblem of our heritage, but it will also position this unique hotel within a niche of high-end destinations that are among the most exclusive in the world," stated Daniel Fournier, Chairman of the Board and Chief Executive Officer of Ivanhoé Cambridge. "The Château Frontenac is a property we're very proud of. Our renovation project is an important contribution to the preservation of a historic monument as well as a cost-effective investment."
"The winds of change that have swept across Quebec City are poised to blow a breath of fresh air into the Château Frontenac as it undergoes a major transformation," said Quebec City Mayor Régis Labeaume. "Once this metamorphosis is complete, visitors from the world over will be received in a veritable modern-day palace. The Château Frontenac will more than ever be synonymous with its home city and the pride of its people."
The revitalization of the Château Frontenac involves the renovation of 618 guest rooms, expansion of the Fairmont Gold floors, full transformation of the main lobby, expansion of the health centre, entirely renewed restaurant service offer, and continuation of the masonry work and roof replacement, as well as showcasing heritage elements through the meticulous positioning of historical artefacts and creations by Quebec artists.
In addition, because the renovations will create considerably more banquet space, the Château Frontenac will once again become a prized destination for business clients and major events.
"This announcement is an important page in the history of the Château Frontenac. It marks our transition to a contemporary style that remains respectful of the hotel's history," pointed out Denis Epoh, Executive Vice President, Investments, at Ivanhoé Cambridge. "The Château will be one of the Old Capital's most attractive locations and a favourite spot to go out and celebrate, have a great meal, spend the weekend or play host to important guests."
"Fairmont Hotels is proud of partnering with Ivanhoé Cambridge in this project to revitalize an emblematic icon of Quebec," added Robert Mercure, General Manager, Fairmont Le Château Frontenac. "This project will enable us to provide guests with a unique hotel experience and also meet the highest expectations of the hotel industry."
All of the work is to be undertaken this year. Certain aspects, such as the masonry and roofing work, are already under way. Ivanhoé Cambridge and Fairmont Le Château Frontenac are planning on unveiling the "New Château" during the celebrations of the 2014 Quebec Winter Carnival. Until then, activities at the Château Frontenac will go on as usual.
The majority of the work will be entrusted to contractors from the greater Quebec City region and the rest of the province. As owner of the property, Ivanhoé Cambridge will work closely with a number of different partners in the transformation of the Château Frontenac, including the City of Quebec, the government of Quebec, Parks Canada, the Musée de la civilisation, the Musée national des Beaux-Arts and several others.
The progress of the work can be tracked on a dedicated microsite: nouveauchateau.com.
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the world's ten largest real estate companies. As at December 31, 2011, its assets totalled more than $30 billion and could be found in over 20 countries around the world. Ivanhoé Cambridge is the real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional funds. For further information, please visit ivanhoecambridge.com.
SOURCE IVANHOE CAMBRIDGE