Citiport Developments Ltd., Chalton Hotel (St. Albert) Ltd., et al., Receivership

Citiport Developments Ltd., Chalton Hotel (St. Albert) Ltd., et al., Edmonton, Alberta-based real estate companies, were placed in receivership on August 6 on application by UMC Financial Management Inc.

The companies are related to Careadon Corp., which owned and operated a seniors residence in St. Albert, Alberta prior to its receivership in July 2023 and bankruptcy in November 2023.

UMC extended mortgage facilities to each of the companies which were cross-guaranteed. UMC is collectively owed approximately $48 million by the respondents in these proceedings, in addition to the over $68 million owed by Careadon. It also appears that one of the companies had planned to develop a state-of-the-art, seven-storey hotel in St. Albert, but that construction had stalled to a halt by 2020. 

EY is the receiver.

Counsel is Miller Thomson for UMC and McLennan Ross for EY.