The Grand Prix du Canada, a financial boon for Montreal merchants

In addition to visitors from the country, the Canadian Grand Prix welcomes a very popular international clientele, consisting mainly of Americans and Mexicans.

People are there to celebrate, they spend lavishlysays Naim Jesus, a concierge at the Fairmont Le Reine Elizabeth Hotel in Montreal.

At the Sofitel Montreal Le Carré Doré, we’re already wringing our hands. Retail room rates range from $1,000 to $3,000 per night, which are above the $500 median rate for Greater Montreal. The property’s restaurant is also full at the end of the week.

After two complicated years, finding whole hotels, whole city [­­­…]It’s only positive for the city and its bad reputationMarc Picot, director of the Sofitel Montreal Le Carré Doré, rejoices.

With the Grand Prix event, the hotel occupancy rate in downtown Montreal is 97%.

At Soubois, we smile too. Here, the champagne is what makes the restaurateur’s business.

We have 650 bottles in stock, which retail for $1,450 each weekend.says co-owner of the restaurant Alexandre Bruseau. From Thursday to Sunday, represents approx [ce qu’on gagne] In a month and a half of normal operationhe adds.

Formula 1 reportedly contributed $63 million to GDP in 2019, the year it was last held before COVID-19.

Questions about its profitability

Formula 1 doesn’t just report, according to Franck Pons, director of the International Observatory of Sport Management at Laval University.

We must be wary of the economic fallout. We must not forget to include costs, which does not happen all the time. And the costs are very highhe is referring to.

Société du parc Jean-Drapeau has spent $90 million over the past five years, not counting the nearly $20 million government paid to the Formula One group.

However, the Big costs It poses no danger to the future of Formula 1, which welcomes more and more young fans, attracted by the popular Netflix documentary series. campaign to surviveshape its future clients.

We are in a better and better position because we exist as a Grand Prix and we are benefiting from the revival of Formula 1. We will benefit from it in Montreal for the coming years as well.thought Mr. Pons.

With information from Jean-Philippe Hughes