Montréal, Friday, October 29, 1999. The Minister for Tourism, Maxime Arseneau, and the Minister of State for Municipal Affairs and Greater Montréal, Louise Harel, proudly announced a new assistance program for the development of small hotels in the historic district of Old Montréal this morning. The $1.5 million program will extend over a three-year period and will be financed equally by Tourisme Québec and the ministère des Affaires municipales et de la Métropole.

"Tourists these days are looking for authentic experiences," emphasized Mr. Arseneau. "With that in mind, and so as to meet the current demand from domestic and international tourists, the Québec government is pleased to announce a new program to encourage the creation of 150 new units in small hotels of 50 rooms or less, meeting international quality standards, in historic or heritage buildings."

"Many large-scale projects in Montréal, such as the expansion of the Palais des congrès, the development of the International Quarter and the Cité du multimédia and the upcoming restoration of the banks of the Lachine Canal, are creating a need for more hotel space in the Old Montréal district," added Ms. Harel. Given the special character of this district, promoters will be able to count on financial assistance adapted to their requirements, to complement existing assistance programs.

The non-refundable financial assistance provided under this program can amount to as much as 10% of the cost of a project per room, to a maximum of $10,000 per room.

There are other benefits to the program announced today. It will make it possible to develop attractive new accommodation projects more quickly, drawing on the heritage value of Old Montréal, and will encourage the conversion of suitable buildings. Finally, it will make a significant contribution to the Québec economy, through investments on the order of $15 million, generating economic spinoff of $9.4 million and the creation of 177 jobs during the construction phase and 68 new jobs related to these establishments.

Promoters wishing to know more about the terms of this new program should contact the Société de développement de Montréal at (514) 872-7975.

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Sources:

Alain Goulet
Press attaché
Office of the Minister for Tourism
(418) 528-8063

Renée-Claude Boivin
Press attaché
Office of the Minister of State for Municipal Affairs and Greater Montréal
(418) 691-2050