Toronto, Ontario, January 23, 2001 - Fairmont Hotels & Resorts announced today that it has signed a letter of intent to join Marriott International, Inc., Hyatt Hotels Corporation, Bass Hotels & Resorts and ClubCorp USA Inc. in  founding Avendra LLC.  The new company will be the largest Internet-enabled business-to-business hospitality procurement company in the world, poised to provide the hospitality industry with access to thousands of products and services that deliver superior pricing, quality and service.  The hospitality industry alone spends $80 billion (USD) in North America each year.

According to Jerry Patava, executive vice president and chief financial officer of Fairmont Hotels & Resorts, �the alliance of these major companies provides the critical mass to drive higher service levels and better management of the supply chain.  Our strategic position in Avendra will significantly benefit all Fairmont and Delta hotels.� 

�We are delighted that a company with the luxury brand recognition of Fairmont Hotels & Resorts has become a founding member of Avendra,� said Dennis Baker, president and chief operating officer of Avendra.  �We are also proud that Avendra will be providing purchasing services to the first - class hotels of Fairmont�s affiliate, Delta Hotels Limited.  With the addition of Fairmont and Delta, Avendra gains a significant Canadian presence in the hospitality industry.�

�Adding Fairmont�s purchasing resources to Avendra  provides the capability to deliver excellence in procurement service to the hospitality sector throughout all of North America and the Caribbean. Avendra  will be the leader in the U.S., Canada and the Caribbean based on volume, proven procurement expertise and  our leading e-commerce platform supplied by our technology partner, GoCo-op,� Baker continued.

Avendra will be formally launched early this year, with headquarters in Montgomery County, Maryland and regional offices in Toronto, Calgary, Vancouver, Montreal, Atlanta, Chicago, Dallas, San Francisco and other key
centres.

Fairmont Hotels & Resorts is the largest luxury hotel management company in North America with a collection of 36 distinctive city and resort hotels and 18,160 rooms throughout the U.S., Canada, Bermuda, Barbados and Mexico. 

Avendra LLC, to be formally launched in early 2001, is the leading Internet-enabled procurement services company serving hospitality and related sectors.  The company will combine the purchasing entities and
capabilities of Marriott International, Inc., Hyatt Hotels Corporation, ClubCorp USA Inc., Bass Hotels & Resorts and Fairmont Hotels & Resorts. Avendra�s core procurement programs are offered through a variety of means, including websites powered by GoCo-op, a technology company based in Maitland, Florida.  For more information, please call toll free 877/866-2753 or e-mail [email protected]. 

This press release contains �forward-looking statements� within the meaning of federal securities law, including statements concerning business strategies and their intended results, and similar statements concerning anticipated future events and expectations that are not historical facts.