The owner of the Aston Martin F1 team, Lawrence Stroll, cedes ownership of the Mont-Tremblant racing circuit to Montreal businessman Gad Bitton. The transaction was reportedly completed in July. The news was rumored Thursday on specialized information sites.
Posted at 5:49 p.m.
Mr. Bitton is the owner of Holand Leasing, a luxury car rental company. Holand also has prestige vehicle dealerships in Montreal, Laval, Quebec and Florida. In recent years, Mr. Bitton has made investments in real estate with the Aldred Building in Old Montreal and the Vogue Hotel on de la Montagne Street.
“It was important to me that an automotive institution of such historic value remains in the hands of a Quebec company,” said Mr. Bitton in the press release announcing the transaction.
PHOTO BERNARD BRAULT, PRESS ARCHIVES
Lawrence Stroll at the Formula 1 Canadian Grand Prix in 2019
Terms of the transaction were not disclosed.
The 4.27 km circuit had been put on the market without success in the spring of 2021. Over the years, there have been many neighborhood problems, in particular due to noise.
The buyer intends to continue to operate the racing circuit in good agreement. “We will build a state-of-the-art circuit designed for an industry in the midst of a revolution,” he announced. Thanks to the electrification of prestige brands and the end of new gas-powered cars in Quebec by 2030, the results of this work will comply with local standards and regulations. »
Mr. Bitton does not rule out highlighting the surroundings of the circuit either. The 1.2 million square meter (13 million square foot) property offers all kinds of possibilities. The zoning allows commercial use for tourism purposes with a permitted density of five dwellings per hectare, according to the sales prospectus prepared by the real estate agency CBRE, which had the mandate to sell the property in April 2021.