One of Ottawa’s largest downtown hotels will soon be converted to rental residential suites as Minto Properties attempts to extricate itself from the hospitality business.
Michael Waters will become CEO of The Minto Group in October.`
The Minto Suite Hotel, which has 255 hotel suites and 163 furnished suites, will begin to close down starting in April. Minto anticipates the 25-year-old hotel’s transition will be complete before late fall of this year, according to a company press release.
The decision to close the hotel comes as a result of a strategic decision to “narrow the company’s hospitality focus,” the release said.
"Our business has evolved beyond its roots, with Minto expanding its footprint nationally," said Michael Waters, CEO of the Minto Group, in a statement.
"This requires us to focus on what we do best and that means making some tough decisions to get out of specific lines of business – ones we are very proud of – but which no longer support our overall business objectives."
The company said it will be able to honour the existing reservations it has for space at the hotel. In the event that it can’t, it is promising to move groups or individuals to other hotels “at the most attractive rate available,” the release said.
Minto anticipates that more than half of the hotel’s 97 employees will end up being reassigned to other positions at the company. Employees who are let go will receive financial support and other services designed to help them transition to other careers.