Mr. Mace was President and CEO of Fairmont at the time of the merger with Canadian Pacific Hotels in 1999 at which time he assumed responsibilities for Fairmont properties in the United States and Mexico before becoming Vice Chairman.

�Ed was instrumental in positioning Fairmont as a significant luxury brand in the U.S. The strength of the brand and its positioning in the U.S. market were a key part of what attracted us to acquire a majority interest in the Company.   As Fairmont�s leader in the U.S., Ed played a significant role in consolidating the operation with Canadian Pacific Hotels existing organization and in planning the foundation for Fairmont�s international growth,� Mr. Fatt said.

He added, �Ed�s role in the Company has been evolving as more of the operations have been consolidated.   We are appreciative of Ed efforts in building the organization and leading the growth strategy over the past two years.  In the past few months, Ed led our acquisition of the Kea Lani on Maui and our recently announced project in Puerto Rico.�

Ed Mace joined Fairmont in 1996 shortly after HRH Prince Al Waleed had acquired a 50% stake in the Company and led the Fairmont through sale of the remaining Swig family interest to Los Angeles-based Maritz-Wolff in April 1998.

Lew Wolff, Chairman and Co-Founder of Maritz-Wolff and Co-Chairman of Fairmont Hotels and Resorts stated:  �Ed Mace led Fairmont to the level that enabled us to complete a merger with Canadian Pacific Hotels that increased the Fairmont brand from 4,258 rooms located in the United States to over 18,000 rooms throughout North America.�  Wolff added,  �Ed has completed his commitment to our group to assist in making the transition work in such a positive manner.  Our Maritz-Wolff entity plans to continue our existing relationship with Ed as we expand our hotel and resort investments.�

�Prince Al Waleed believes that Ed Mace is a very capable hotel industry executive and looks forward to doing more business with him,� said Chuck Henry of Hotel Capital Advisers, which acts as an advisor for HRH Prince Al Waleed.  Henry further added, �Ed oversaw the renovation of The Plaza as well as a number of Fairmont Hotels.  His ability to build an organization and position the brand has allowed Fairmont owners to benefit from a significant increase in asset value.�

�I am very proud of our accomplishments at Fairmont and grateful for the opportunity I have had to lead an outstanding team of professionals.  I have also had the pleasure of working for a superb group of Fairmont owners and investors including Prince Al Waleed, Maritz-Wolff, Hotel Capital Advisers, CDL Hotels, the Swig Family as well as Canadian Pacific Hotels.  The company is poised for its next stage of growth as an independent publicly traded company.  Fairmont has a very bright future,� Mr. Mace stated.

�I have a number of outside business opportunities and investments that I am now free to pursue and I will continue to be involved in the hotel business,� he concluded.

Fairmont Hotels & Resorts is the largest operator of luxury hotels and resorts in North America, with a unique collection of world-class resorts and city center hotels that enjoy unrivalled prominence in the communities where they are located.