A local ownership group bidding to purchase the historic Château Montebello resort has substantially increased its offer as the court-supervised sale enters its final days. The bidding process is expected to conclude on July 10, after prospective buyers were given a final opportunity last month to revise or improve their bids.
Consortium Raises Bid Significantly
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, confirmed the group submitted a higher bid during the final phase. “We did up our bid. We increased our original bid in a significant way, hoping that it can make a difference,” Poulin said.
The group believes the selection process will consider factors beyond the highest price. “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,” Poulin added.
Support from Gatineau Mayor
Poulin noted that the consortium recently received a letter of support from Gatineau mayor Maude Marquis-Bissonnette, underscoring local backing for the bid. 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 approximately 125 hotel rooms in a new building connected to the existing resort. These improvements are slated ahead of the Château Montebello’s 100th anniversary in 2030.
Background on the Sale
The 211-room resort was put up for sale after Hong Kong-based China Evergrande was ordered into liquidation. Qualified bidders 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 the new target date of July 10 for selecting the successful bid.
With files from Aedan Helmer.
