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The partnership for a new hotel as part of a project that has been delayed for more than a decade at River Landing is “fabulous” news for Saskatoon, Mayor Don Atchison says.

Montreal-based Group Germain Hotels announced Thursday its plans for a 15-storey, 155-room Alt Hotel as part of a development at Parcel Y, a prime piece of riverfront real estate at River Landing.

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A hotel-spa project for the plot of land was originally approved by city council in 2005. The project has gone through several changes and two new sets of developers since then. The current group of developers says it expects to begin the project sometime this year.

Atchison welcomed the announcement, which arrives as the province’s economy faces challenges due primarily to the drop in oil prices.

“I think it’s really tremendous,” said Atchison, a four-term mayor seeking re-election to an unprecedented fifth term in October. “I think it shows a vote of confidence in the economy of Saskatoon.”