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Legacy Hotels Real Estate Investment Trust Purchases the 
The Fairmont Empress in Victoria, British Columbia, and 
Fairmont Le Château Frontenac in Quebec City, Quebec
TORONTO, February 1, 2001 -- Legacy Hotels Real Estate Investment Trust (�Legacy�) is pleased to report that it has completed the purchase of the previously announced acquisition of The Fairmont Empress in Victoria, British Columbia, and Fairmont Le Château Frontenac in Quebec City, Quebec. The two resorts were purchased from a wholly owned subsidiary of Canadian Pacific Hotels & Resorts Inc. (�CPH&R�) and have 

Fairmont Le Château Frontenac
Quebec City, Quebec
now become part of the Legacy portfolio.

The purchase price of the hotels was $120 million for The Fairmont Empress and $185 million for Fairmont Le Château Frontenac, plus approximately $9 million in closing costs.  

The hotels are held in a wholly owned subsidiary of Legacy which issued 14.7 million exchangeable shares to a wholly owned subsidiary of CPH&R at a price of $8.60 per share for $126.4 million.  These shares are exchangeable into Legacy units on a one for one basis and are intended to track, after tax, existing Legacy units.  The balance of the purchase has been satisfied by a note issued to the vendor.  This note will be repaid from the net proceeds of secured, non-recourse loans to the company from third party lenders.  These loans are expected to be finalized in the next few weeks. The exchangeable shares increase CPH&R�s current ownership of Legacy units to approximately 46% on a fully diluted basis.  Over time CPH&R intends to reduce its consolidated interest to its original investment of 34% through a secondary offering.

Legacy�s current portfolio now consists of 21 luxury and first class hotels from coast to coast in Canada with 9,579 rooms.  Fairmont Hotels & Resorts manages the ten luxury hotels and Delta Hotels manages the 11 first class properties.  Legacy�s Units trade on The Toronto Stock Exchange under the trading symbol �LGY.UN�.
 

Portfolio Listing
Information includes: The Legacy Hotel, Location, Manager, 
Year Opened, and Guest Rooms

The Fairmont Empress Victoria, BC Fairmont 1908 472
The Fairmont Hotel Vancouver Vancouver, BC Fairmont 1939 556
The Fairmont Waterfront Vancouver, BC Fairmont 1991 489
The Fairmont Palliser Calgary, AB Fairmont 1914 405
Delta Calgary Airport Calgary, AB Delta 1979 296
The Fairmont Hotel Macdonald Edmonton, AB Fairmont 1915 198
Delta Bessborough Saskatoon, SK Delta 1935 225
The Fairmont Winnipeg Winnipeg, MB Fairmont 1970 350
Delta Winnipeg Winnipeg, MB Delta 1973 402
The Fairmont Royal York Toronto, ON Fairmont 1929 1,365
Delta Toronto East Toronto, ON Delta 1982 368
Four Points Hotel Toronto Airport Mississauga, ON Delta 1976 296
Fairmont Château Laurier Ottawa, ON Fairmont 1912 429
Delta Ottawa Hotel and Suites Ottawa, ON Delta 1970 328
Fairmont The Queen Elizabeth Montreal, QC Fairmont 1958 1,061
Delta Centre-Ville Montreal, QC Delta 1977 711
Fairmont Le Château Frontenac Quebec City, QC Fairmont 1893 607
Delta Beauséjour Moncton, NB Delta 1972 310
Delta Prince Edward Charlottetown, PEI Delta 1984 211
Delta Halifax Halifax, NS Delta 1974  300
Delta Barrington Halifax, NS Delta 1980 200
TOTAL  Guest Rooms   9,579

###

Contact:
M. Jerry Patava
Executive Vice President and Chief Financial Officer [email protected]
  www.legacyhotels.ca

Also See Fairmont Hotels & Resorts Joins Avendra with Marriott, Hyatt, Bass, and ClubCorp / Jan 2001 


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