Château Montebello bidders get final chance to revise offers

Prospective owners of Château Montebello have been given a final opportunity to revise and improve their bids for the historic resort, with the court-appointed receiver PricewaterhouseCoolers saying "no binding offer has been selected at this time."

Bidders originally had until May 13 to submit binding offers for the 21-hectare property, with a winning bidder expected to be announced on June 22. But the timeline shifted when no offer was selected by the deadline. Now qualified bidders have until noon June 27 to submit binding offers or revise previous bids.

Martin Paquette, founder of Groupe Nordik, submitted a bid alongside Ottawa Senators owner Michael Andlauer, Devcore Group president Jean-Pierre Poulin, and two unnamed real estate entrepreneurs. Paquette told the Ottawa Business Journal he believes the group has presented a compelling offer.

"I think everyone in our group is looking at this as protecting this jewel," Paquette said. "We want to do it because it's the right thing to do. I think our bid is the right bid."

The group has big plans for the property, which could include adding a second hotel or condos. Paquette noted that Montreal's Fairmont allows owners to purchase rooms or suites. "It's a big real estate property, and I think there's a smart project to be done," he said, adding that development money could be reinvested into protecting the property. Under the group's arrangement, all members would be minority partners with no majority stakeholder.

The resort, built in the 1930s as a log hotel, was purchased by Chinese developer China Evergrande Group in 2014. In 2024, the company was ordered by a court to liquidate its assets after incurring US$300 billion in liabilities. The receiver will announce the winning bid no later than July 10 at 5 p.m.