12/18/2014 01:46 EST | Updated 02/17/2015 05:59 EST

Château Montebello resort bought by Chinese real estate group

The Fairmont Le Château Montebello resort complex in west Quebec has been purchased by Evergrande, a major Chinese real estate group making its first investment in Canada.

The historic log resort, situated between Ottawa and Montreal, has been up for sale since this summer by Oxford Properties, the real estate arm of the Ontario Municipal Employees pension fund.

The director of the hotel confirmed the sale Thursday and said operations will continue as usual for the hotel's 350 employees.

The announcement was made Wednesday and hotel management met Thursday with employees to answer questions.

The financial terms of the sale were not disclosed.