Canadian Outfit Nets $78M In Financing For ALT Hotels

Law360, New York (December 8, 2011, 5:31 PM EST) -- Groupe Germain, which owns boutique hotels in Canada, has raised CA$80 million (US$78.3 million) in share capital from investors including Canada's La Capitale Financial Group to expand development of its mid-market ALT hotel line, the firm said Thursday.

Groupe Germain, which has four ALT hotels under development, will use the funding to add an additional four to continue expanding the line in Canada, the family-run company said in a statement. The investment group includes private funders; Canadian fund manager the Caisse de depot et placement du...
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