Intelligence
Canada hotels record first occupancy decline in three months
After three consecutive months of year-over-year increases, Canada’s hotel industry recorded a decline in occupancy, according to CoStar’s July 2024 data.
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Naagaaniiyang Limited Partnership celebrates acquisition of Thunder Bay’s Victoria Inn
Naagaaniiyang Limited Partnership has celebrated its acquisition of the Victoria Inn in Thunder Bay. The occasion was commemorated with a culturally significant ceremony, a ribbon-cutting ceremony, and a gala dinner, hosted by the hotel’s new owners, signifying the historic nature of this business endeavour.
Naagaaniiyang Limited Partnership is a joint venture held by Michipicoten First Nation, Naicatchewenin First Nation, and Morris Group Canada. This partnership has now placed the Victoria Inn under majority Indigenous ownership, representing a significant step forward for First Nations involvement in the business landscape. This acquisition represents the largest investment to date for the two First Nations, collectively holding the majority of the hotel’s shares, as reported by Net News Ledger.
The Naagaaniiyang Limited Partnership successfully completed the purchase of the Victoria Inn in April 2023, driven by a shared vision of enhancing economic growth and capacity-building for Indigenous businesses in northwestern Ontario. This partnership serves as a compelling example of First Nations and the private sector uniting for mutually advantageous opportunities.
