Hy's Steakhouse & Cocktail Bar in Ottawa will shut its doors sometime in February 2016 after a disagreement over the cost of renewing its lease, a company spokeswoman said Wednesday.

The Queen Street restaurant, known for attracting business and political clientele over the past three decades, saw a decline in people seeking fine dining in Ottawa over the past couple of years, according to spokeswoman Karen Byrne.

The lease was set to expire in February 2016, Byrne said. Hy's and the landlord of the Sun Life building in Ottawa disagreed over the cost of renewing the lease, she said.

The chain continues to operate restaurants in Toronto, Calgary, Vancouver, Winnipeg and Whistler, B.C.

Byrne said the Ottawa restaurant, which employs about 40 people, would close sometime in February, but an exact date has not yet been set.