In Quebec, the majority of operators, or 85% of the industry, also own one or a few hotel buildings. For us, the special fund is extremely important, because the hotel operator is often the owner, especially in the small hotel industry.
Of course, large hotel companies own or manage hotels on behalf of some investment funds. They are mostly found in large cities, such as Montreal and Toronto, but in outlying areas or smaller markets, the majority of operators also own.