May 18, 2022

The Queens County Citizen

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Charlevoix: $ 5.7 million incentive for Club Med Le Massif

Charlevoix: $ 5.7 million incentive for Club Med Le Massif

Five months after the hotel complex opened, Club Med Quebec received a new $ 5.7 million loan from Group Le Massif and Club Med Investment Quebec (IQ) to finance Charlevoix.

The loan is part of the Concerned Temporary Action Program for Businesses [PACTE]Established by Quebec at the time of the epidemic, the group referred to Le Massif management, which used this amount “to respond to the deficit in relation to health measures”.

In the notarial deed, we read that the company had filed a mortgage on the hotel with an IQ of $ 5.7 million to confirm the repayment of the complex Hotelier Massif de Charlevoix.

Keep in mind that IQ is also one of Group Le Massif shareholders.

In October, before the opening of the 302-room complex in the municipality of Petit-Riviere-Saint-Franకోois, Club Med handed it over Log It has an occupancy rate of “between 70% and 80% until mid-March”.

Reservations are also confirmed until June.

Not the first

This is not the first time Group Le Massif has received a check from PACTE, which is the responsibility of the Ministry of Finance and is managed by IQ.

In 2020, $ 3 million was paid to the Quebec Company through this program for financial assistance from Massif de Charlevoix. The management said it had repaid millions of dollars so far on the loan.

In 2020, the Le Massif Group, which was responsible for building Club Med, also received $ 5 million under the Support Program for Tourism Attractions Development (PADAT).

Claude Choquette, president of Group Le Massif, said in an interview that the money would be used to support infrastructure projects on the mountain, which would exceed $ 10 million.

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Overall, the Club Med project requires an investment of $ 130 million, of which approximately $ 38 million is from the public, especially in the form of repayable loans.

For its part, the Club Med brand, owned by the affluent Chinese group Fosun, will spend $ 20 million on the hotel complex.

Over the past fifteen years, approximately $ 150 million has been invested by regional and federal governments in various group le massif projects in the form of loans and grants.

Last week, in a parliamentary committee, Finance Minister Pierre FitzGibbon indicated that about $ 1.2 billion in loans and loan guarantees had been granted under PACTE since the outbreak began.

– In collaboration with Sylvain Larocque

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