Trudeau’s taxpayer-funded bank loans almost $50 million to luxury hotel
November 2, 2023
FOR IMMEDIATE RELEASE
OTTAWA, ON – Leslyn Lewis, Conservative Shadow Minister of Infrastructure and Communities, released the following statement on the Canada Infrastructure Bank’s $46.5-million-dollar loan to The Fairmont Royal York hotel in downtown Toronto:
“After eight years of Trudeau, Canadians are out of money and Trudeau is out of touch. Trudeau’s Infrastructure Bank has failed to complete infrastructure projects while paying out massive bonuses to its failed CEOs, and now it has loaned $46.5 million of taxpayers’ dollars to one of Canada’s most expensive hotels.
“The Fairmont Royal York charges about $500 per night for a standard room. At a time when Canadians are struggling just to keep a roof over their heads, it is shocking to see taxpayers’ money sponsoring woke Liberal retrofits for fancy hotels that most Canadians will never afford to stay in, even for a single night.
“The private equity firm that owns the Royal York hotel, Kingsett Capital, has $17 billion in assets, but that didn’t stop Justin Trudeau from adding more fuel to the inflationary fire by cutting a big fat cheque for their luxury hotel.
“While Trudeau wastes taxpayer dollars on pet projects that benefit the wealthy, his inflationary spending is making things worse for Canadians. Since Trudeau became Prime Minister, rents and mortgage payments have doubled, and most Canadians who don’t already own a home believe they never will. Canadians don’t have the luxury of performing retrofits on their own homes, meanwhile Justin Trudeau is putting Canadians’ mortgages further at risk to fund luxurious projects. Further proof that Justin Trudeau is just not worth the cost.
“A common-sense Conservative government will scrap Trudeau’s failed Infrastructure Bank, bring homes Canadians can afford, and remove the gatekeepers so we can build the infrastructure that actually benefits Canadians.”
Office of Leslyn Lewis
Member of Parliament for Haldimand-Norfolk