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Acquisitions & Hotel Openings

First Canadian Management Corp. Acquires Charlottetown Inn & Conference Centre

CHARLOTTETOWN, CA. July 17, 2017 - First Canadian Management Corp. ("FCMC"), through its affiliated companies, announced today that it has completed the acquisition of Charlottetown Inn & Conference Centre (the "Hotel"), a 143 unit hotel offering interior pool, fitness facility and over 8,000 square feet of meeting space. The Hotel is a well-known landmark in the Charlottetown hospitality landscape and is situated in a historic area of downtown Charlottetown.

"We are very pleased to add Charlottetown Inn & Conference Centre to the FCMC family of hotels, located in the historic city of Charlottetown and beautiful province of PEI" said FCMC President & CEO, Fayaz Manji. "Looking forward, we hope to enhance the quality of the guest experience at this hotel. We also look to continue our expansion plan vis-ŕ-vis future strategic geographic acquisitions as we grow our portfolio."

About First Canadian Management Corp.

The FCMC group of companies, with headquarters in Burnaby, BC, owns and manages various hotels throughout Canada and senior care facilities in BC. info@fcmc.ca

Coming Up In The December Online Hotel Business Review




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Feature Focus
Hotel Law: Issues & Events
There is not a single area of a hotel’s operation that isn’t touched by some aspect of the law. Hotels and management companies employ an army of lawyers to advise and, if necessary, litigate issues which arise in the course of conducting their business. These lawyers typically specialize in specific areas of the law – real estate, construction, development, leasing, liability, franchising, food & beverage, human resources, environmental, insurance, taxes and more. In addition, issues and events can occur within the industry that have a major impact on the whole, and can spur further legal activity. One event which is certain to cause repercussions is Marriott International’s acquisition of Starwood Hotels and Resorts Worldwide. This newly combined company is now the largest hotel company in the world, encompassing 30 hotel brands, 5,500 hotels under management, and 1.1 million hotel rooms worldwide. In the hospitality industry, scale is particularly important – the most profitable companies are those with the most rooms in the most locations. As a result, this mega- transaction is likely to provoke an increase in Mergers & Acquisitions industry-wide. Many experts believe other larger hotel companies will now join forces with smaller operators to avoid being outpaced in the market. Companies that had not previously considered consolidation are now more likely to do so. Another legal issue facing the industry is the regulation of alternative lodging companies such as Airbnb and other firms that offer private, short-term rentals. Cities like San Francisco, Los Angeles and Santa Monica are at the forefront of efforts to legalize and control short-term rentals. However, those cities are finding it’s much easier to adopt regulations on short-term rentals than it is to actually enforce them. The December issue of Hotel Business Review will examine these and other critical issues pertaining to hotel law and how some companies are adapting to them.