Building Magazine


Quebec REIT acquires $2.5 billion in hotels (September 21, 2007)

TORONTO – Caisse de dpt et placement du Qubec, headquartered in Quebec City, and its partners Westmont Hospitality Group and InnVest REIT, both of Mississauga, Ontario, have acquired Legacy Hotels REIT of Toronto, operator of 25 luxury and first-class hotels and resorts in Canada and the United States, including the luxury Fairmont and Delta hotels across Canada, for $2.5 billion. The purchase price represents a 20 per cent premium over the average price of Legacy stock.

The Caisse de dpt et placement du Qubec, created in 1965 by an Act of the National Assembly of Quebec, is an institution that manages public pension funds on behalf of its depositors, whose net assets totalled $143.5 billion as of December 31, 2006.

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