Tourism Minister Trevor Holder tells Tide News it's a solid agreement that will protect the iconic value of the hotel.
Provincial officials have been hammering out the agreement with a partnership made up of New Castle Hotels and Resorts - and - Southwest Properties.
Holder says the government will collect 20 per cent of profits from the hotel within 30 years, and the province will provide the new owners with a $21 million loan, to be repaid within the same amount of time.
The new owners plan to operate the Algonquin under the Marriott banner.
