 In 1909, he sold the land to the recently created Carlton Hotel Company of Montreal.The principal investors in the company (led by Charles Hosmer, a personal friend of César Ritz) were Sir Charles Gordon (vice-president of C. Meredith & Co., and later president of the Bank of Montreal), Sir Montagu Allan and Sir Herbert Holt.Aside from the cursory one dollar, Meredith received $787,500 in preferred shares in the Carlton Hotel Company, of which $314,404 was paid to him in cash and the balance of $469,096 was covered by "goodwill, benefits and advantages".