Opportunities New Brunswick was given approval to provide up to $30 million in a repayable loan to the owners, Algonquin Resort LP, of which InnVest is the majority partner, according to an Order in Council document signed by New Brunswick Lt.-Gov. Brenda Murphy.

Jeff Hyslop, a senior vice-president with InnVest, said in a recent interview the resort is a great addition to the company's portfolio and is the first one with a golf course.

Hyslop said the initial plan for renovations will be focused on staff areas.

"We're actually looking at expanding our offering of staff housing because in order for a resort like this to be successful, ensuring we can continue to attract top quality staff is going to be paramount for us," he said.

  Jeff Hyslop, the senior vice-president asset management and investments for InnVest Hotels, said the Algonquin Resort is a great addition to the company’s portfolio. (CBC)

The company will also be doing a "soft goods" renovation of the existing hotel, which will include things like carpets, curtains and bedding, said Hyslop.

He said this renovation will not be a major disruption to business operations.

In 2012, the province sold the Algonquin to New Castle Hotels and Resorts and Southwest Properties. The government provided a $21-million repayable loan to those companies and major renovations were done to the building, well over a century old at that time.

Those renovations lasted nine months and the hotel reopened in 2014.

Brad Henderson, the mayor of Saint Andrews, said although he didn't live in the community at the time, he knows the temporary closure of the hotel had a "dramatic impact" on the local business community.

Brad Henderson, the mayor of Saint Andrews, said he met with InnVest in April to talk about the sale and was excited to hear about the plans to elevate the staff experience. (CBC)

He said it was also tough on students graduating from the hospitality program at the local campus of the New Brunswick Community College, as the hotel was a major employer. 

"If you look at all the groups and conferences and things that come to our community, that's so vital to our tourism and drawing numbers in our shoulder season. They all do stay at the Algonquin Resort," said Henderson.

"A successful Algonquin is a successful Saint Andrews and a successful Saint Andrews is a successful Algonquin."

Henderson met with InnVest in April to talk about the sale and said he was excited to hear about the plans to elevate the staff experience because it "bodes well for attraction, recruitment and of course, retention."

The Algonquin has hosted Canadian prime ministers, including the country's first, as well as U.S. president Theodore Roosevelt and then Prince Charles and Princess Diana during their 1983 visit to Canada.

It also served as a stop on the Amazing Race Canada in 2016.

"They're all part of a community effort to really try to put ourselves on the map," said Henderson. "We're looking forward to this next chapter with the new ownership of continuing to do that, if not, obviously elevate it to a new high."