HISTORY
Downtown Montreal, around 1967
Jack Sofer and Mike Yuval at Le Mount Stephen Hotel in 2018
The Power of Friendship and Resilience: The Tidan Story
In a world where success is often attributed to individual talent or luck, the story of Jack Sofer and Mike Yuval, the founders of Tidan, stands out as a testament to the power of friendship and resilience. Their journey, marked by perseverance, innovation, and a commitment to sustainability, has taken them from humble beginnings in the Montreal of the 1970s to the helm of a successful real estate company. In this interview, we delve into the story of Jack and Mike’s remarkable journey, exploring their values, challenges, and successes.
The Early Years
Jack and Mike’s paths crossed for the first time in Montreal, where they discovered they could have been twins. They were both drawn to the city’s vibrant energy and entrepreneurial spirit and saw an opportunity to build a better life for themselves. In 1970, they founded Tidan Construction Inc., which would later become the Tidan Hospitality & Real Estate Group.
Their partnership started small, with a modest renovation project of a run-down duplex in Montreal. Each borrowed $2,500 from the Royal Bank and dedicated themselves to the renovation work. After completing the project, they rented and eventually sold the duplex, repeating this process step by step until reaching their current success. “We started a small business. We thought of it as our baby,” they say, reflecting their paternal approach to managing their company.
Jack Sofer and Mike Yuval at Tidan Head office in 1998
Tidan’s head Office — 666 Sherbrooke Street West, Montreal
Creating a Sustainable Business
Jack and Mike’s approach to business was characterized by a focus on sustainability. They never sought to grow too quickly or try to impress others with their grandeur. Instead, they grew Tidan step by step, dollar by dollar, always mindful of their capabilities. This incremental approach allowed them to avoid overreaching and ensure that their company remained manageable and sustainable.
In the 1980s, Tidan’s portfolio was becoming significant and exciting. Then, in 1987, the business partners made a splash when they acquired a 23-storey office building in downtown Montreal. Today, this stylish property still proudly serves as Tidan’s headquarters. The following year, in 1988, they added two properties in New Brunswick — Parkway Mall and Prince Edward Square. In 1991, Tidan acquired the Ocean Sky Hotel and Resort in Fort Lauderdale, Florida, marking its first major hospitality property. Today, Tidan owns 12 hotels in Canada and the US.
Navigating the Economy
As they continued to work together to build their real estate empire, they faced numerous challenges along the way — from market fluctuations to economic downturns. But through it all, they remained steadfast in their commitment to each other and their shared values. Their journey serves as a reminder that even in the face of adversity, friendship and resilience can lead to unparalleled success.
With a keen understanding of the value of each dollar, Jack and Mike operated under a simple yet profound principle: “Fight for every nickel.” They grew their company step by step, dollar by dollar. By eschewing the temptation to grow too big too fast, they were able to focus on building a strong foundation, one brick at a time, and ultimately, to create a legacy.
Laurel Canyon, North Hollywood, California
Le Mount Stephen Hotel in Montreal
Innovation and Entrepreneurship
Throughout the 1990s and 2000s, Tidan acquired numerous buildings in both Canada and the United States. This includes the acquisition of the Nuns’ Island Tennis Club in suburban Montreal, which complements Tidan’s existing tennis courts at the Mont Gabriel hotel. In 2006, Tidan further expanded its portfolio by purchasing the Mount Stephen Club, a heritage property and cultural/historical monument located in the “Golden Square Mile” of downtown Montreal.
In 2012, Tidan undertook its most prestigious and ambitious project to date: building Le Mount Stephen, a luxury hotel affiliated with Leading Hotels of the World, incorporating the iconic Mount Stephen Club building. The Mount Stephen Hotel officially opened its doors on May 2, 2017.
In 2018, Tidan made a significant mark on the Canadian hospitality scene with the purchase of the historic Montreal Marriott Chateau Champlain, the largest acquisition in the company’s history. The iconic hotel needed restoration, and Jack and Mike rolled up their sleeves to get the job done. “We went down there, to the Chateau Champlain, and got that job,” they say. “We were involved day and night. Fixed this, change and change and change. And after three years, we [had] changed everything.”
Family Values
Jack and Mike credit their success to the cherished values instilled in them since childhood. Their families taught them the importance of hard work and integrity from a young age. “We love to work,” they say. “You have to work for your money.” Due to their upbringing in families that prioritize community and camaraderie, Jack and Mike continue to contribute to and support their community. As they put it, “Your status doesn’t reflect your parents’ position or possessions — it’s based on your contribution.” This emphasis on collective effort and a strong work ethic has allowed Tidan to thrive in the competitive hospitality industry.
Jack Sofer and Mike Yuval at Le Caf’ Conc’ at Montreal Marriott Chateau Champlain in 2022
Jack Sofer and Mike Yuval in Lake Louise, Alberta in 2018
A Word on Friendship
The foundation of Jack and Mike’s friendship is built on a shared understanding and deep connection. As Jack notes, “We understand each other.” They’ve learned to prioritize positivity, support, and open communication, which has allowed them to navigate the ups and downs of entrepreneurship together.
One key aspect of their friendship is their ability to support each other during challenging times. By giving each other the freedom to make decisions while still being transparent about their actions, they have created a sense of trust and accountability. As Jack and Mikes advise “Support the other when he is down,” and “give the other the room to make decisions, but always let the other know what you do.” This approach has enabled them to maintain a strong and resilient partnership, even in the face of adversity.
Jack’s and Mike’s journey has been one of unrelenting passion, unwavering dedication, and unshakeable friendship. For the past 54 years, their bond has been the driving force behind their success. Through every challenge and triumph, Jack and Mike have stood together, united by their shared values and commitment to each other. As they look back on their journey, they are reminded that it is not just individual talent or hard work that drives success, but also the strength of human relationships and the power of resilience.
Conclusion
Today, the Tidan Hospitality & Real Estate Group owns more than 40 revenue-producing properties as well as 12 highly regarded hotels and one of the largest tennis clubs in North America. Tidan’s industrial, commercial, and retail real estate totals an area of approximately 2,750,000 sq. ft. As for its residential apartments, Tidan owns 1115 residential doors, including 514 in Canada and 701 in the United States.
With over 1,400 employees, Tidan is first and foremost a service company whose main resource is human beings. That’s why they attach the utmost importance to the management of our human resources. More than anything, Tidan values diversity, inclusion, flexibility, respect, and teamwork.
A fraction of our 1,400 valuable employees