Groupe Le Massif and Club Med have just received a new $5.7 million loan from Investissement Québec (IQ) to support the finances of Club Med Québec Charlevoix, five months after the hotel complex opened.
This loan is part of the Corporate Coordination Temporary Work Program [PACTE]which was set up by Quebec during the pandemic, referred to the management of Groupe Le Massif, adding that this amount would be used “to respond to shortages in terms of health measures”.
In the notarial deed, we read that IQ had registered a mortgage on the hotel for $5.7 million to secure the repayment of this debt to Complexe hôtelier Massif de Charlevoix.
Remember that IQ is also a contributor to Groupe Le Massif.
In October, before the opening of the 302-room complex located in the municipality of Petite-Rivier Saint-François, Club Med entrusted register Its occupancy rate is “between 70% and 80% through mid-March”.
Booking has also been confirmed until June.
not the first
This is not the first time that Groupe Le Massif has received a check from PACTE, which is under the responsibility of the Ministry of Economy and managed by IQ.
In 2020, $3 million was paid to Quebec Corporation via this program to support the finances of Massif de Charlevoix. The administration says it has so far paid $1 million of that debt.
In 2020, Le Massif Group, which is responsible for building Club Med, also received $5 million under the Support Program for the Development of Tourist Attractions (PADAT).
Groupe Le Massif President Claude Choquette said in an interview that this amount was to be used to support infrastructure projects on the mountain, the total bill of which was more than $10 million.
Overall, the Club Med project required investments of $130 million, including about $38 million from the public, mainly in the form of repayable loans.
For its part, the Club Med brand, which belongs to the wealthy Chinese group Fosun, was to spend $ 20 million in this hotel complex.
Over the past 15 years, nearly $150 million has been pumped by provincial and federal governments into various Groupe Le Massif projects in the form of loans and grants.
Last week, in a parliamentary committee, Economy Minister Pierre Fitzgibbon indicated that about $1.2 billion in loans and loan guarantees had been granted under PACTE since the start of the pandemic.
– In collaboration with Sylvain Larroque
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