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Fairmont To Manage Mixed-Use Luxury Resort Development In Turks & Caicos
TORONTO, Jan. 3 /PRNewswire-FirstCall/ - Fairmont Hotels & Resorts Inc.
("Fairmont" or the "Company") (TSX/NYSE: FHR) today announced that it has
entered into an agreement with The Wight Group to manage a mixed-use luxury
development on the west coast of North Caicos in the Turks & Caicos Islands.
The project will be comprised of a 150-room resort, a 150-room condo hotel,
several Fairmont branded residential developments including Fairmont Heritage
Place, a Willow Stream spa and a championship golf course, all of which will
be managed by Fairmont. When the Fairmont Turks & Caicos opens in 2009, the
Company will make an investment for a 19.9% equity interest in the hotel. The
transaction is subject to certain terms and conditions being finalized and is
expected to close in the first quarter of 2006. Residential sales activities
are expected to begin in Fall 2006. Wight Cotton, a subsidiary of The Wight
Group, will handle the real estate marketing.
William R. Fatt, Fairmonts Chief Executive Officer, said, "Turks &
Caicos is rapidly becoming a popular travel destination, and we are delighted
to be a part of the expansion at the luxury end of the market. The strength of
our brand is leading to great partnership opportunities with experienced
developers. The Wight Group brings a breadth of expertise in resort and
residential development to this partnership and we are excited about
additional opportunities being pursued as a result of this new relationship."
George Wight, Jr., Principal of The Wight Group, commented, "We have been
seeking a hotel partner for this comprehensive project and are pleased to be
partnering with Fairmont. The Company has considerable experience managing
high caliber, complex resort developments and its brand speaks for itself.
Coupled with the leading edge marketing tools developed by Wight Cotton, I
believe we are well-positioned for our expansion in this market."
About Fairmont Hotels & Resorts Inc.
FHR is a leading owner/operator of luxury hotels and resorts. FHRs
managed portfolio consists of 88 luxury and first-class properties with
approximately 34,000 guestrooms in the United States, Canada, Mexico, Bermuda,
Barbados, United Kingdom, Monaco, Kenya and the United Arab Emirates as well
as two vacation ownership properties managed by Fairmont Heritage Place. FHR
owns Fairmont Hotels Inc., North Americas largest luxury hotel management
company, as measured by rooms under management, with 50 distinctive city
center and resort hotels including The Fairmont San Francisco, The Fairmont
Banff Springs and The Fairmont Scottsdale Princess. FHR also owns Delta
Hotels, Canadas largest first-class hotel management company, which manages
and franchises 38 city center and resort properties in Canada. In addition to
hotel management, FHR holds real estate interests in 21 properties and an
approximate 24% investment interest in Legacy Hotels Real Estate Investment
Trust, which owns 24 properties. FHR owns FHP Management Company LLC, a
private residence club management company that operates Fairmont Heritage
Place, a vacation ownership business.
About The Wight Group
The Wight Group is a third generation organization of affiliated
family-owned businesses that has provided engineering, construction and
development services worldwide for over sixty-five years. The companies are
proud to uphold the Wight tradition of quality and service particularly in the
area of luxury resort property development. For more information please visit
http://www.wightgroup.com.
About Wight Cotton
Wight Cotton is a joint venture between The Wight Group, a world-wide
engineering and construction services company based in Schaumburg, Illinois
and Cotton & Company, the countrys leading luxury resort and real estate
advertising/marketing firm headquartered in Stuart, Florida. This combination
of professional disciplines uses leading-edge technologies to provide a
complementary suite of services, which streamlines the development process
thereby maximizing the return on investment. Wight Cotton clients can be found
throughout the continental United States, the Caribbean, Mexico and Costa
Rica. For more information please visit http://www.wight-cotton.com.
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