On November 3, the Waterloo Inn Conference Hotel publicly announced their decision to close their doors after 43 years.
December 15 of this year is said to be the hotelโs last day of operation, located at 475 King Street N.
Mary DโAlton, president of the Waterloo Inn, explained that almost four years ago, the current owners of the Inn made the decision to explore their options and consider selling the property.
โThere have been a lot of new properties and newly renovated and invested hotels,โ said DโAlton.
In order to renovate the Waterloo Innโs significant property, millions of dollars would have to be invested.With the necessity of a heavy investment and local competition, the Waterloo Innโs owners decided that further reinvestment and renovations on the hotelโs property was not a feasible move both for their personal interests as well as from a planning perspective.
โIt wasnโt a match anymore,โ DโAlton explained.
Over the past couple of years, the Inn has considered many potential investors and buyers however the circumstances, timing or negotiations werenโt suitable.
The prospective buyer of the hotel began meeting with the Innโs management this past summer.
There are no details as of yet in regards to the buyerโs plans for the property, but DโAlton is certain that the buyerโs plan will be significantly different and it is likely the buyer will partake in a notable investment.
โWhatever it is, itโs going to be visionary,โ she said.
Although the prospective buyer plans to take over the property and assets, they do not intend on taking over any of the food, drink or staff.
DโAlton said that the news of the hotelโs upcoming closure was a huge shock and disappointment to their staff.
โTo tell people that theyโre not going to have a job in two months and not knowing whatโs going to happen after is pretty tough,โ she said.
After the announcement of their closure, the Waterloo Inn has hired an international firm that has set up a working centre at the hotel to hold private training sessions, in which hotel staff are able to work on their resumรฉs, learn about computers, social media and more.
โMy goal is to get as many [hotel] staff hired as I can,โ said DโAlton. โI have actually had a lot of phone calls from the hotels, restaurants and bars in the area wanting to hire our staff, which is great.โ
Not only was the announcement a shock for hotel staff, but for the public as well.
DโAlton said that since the release of the news, she has been overwhelmed with positive feedback from the public in regards to their substantial presence within Kitchener-Waterloo.
โI think itโs a function of the staffโs good reputation. I think the staff have provided quality product and good service for years, people are going to miss it.โ
The hotel was built in 1972 by a group investors and shareholders and the property originally holding 40 rooms.
By 1978, the hotel underwent another small expansion that added another 40 rooms.
At the same time of the expansion, the hotel was sold to the second generation of shareholders, most of whom still own the property today.
Following suit in 1982, the investors added on the four-storey building and various other additional spaces.
โThe last few months weโve been really successful. Itโs just a business decision. I think weโre going out on a high note,โ said DโAlton.
Leave a Reply
You must be logged in to post a comment.