Dubai, United Arab Emirates, July
16 2001 � The private office of His Highness Dr Sheikh Sultan bin Khalifa
Al Nahyan announced today that Fairmont Hotels & Resorts (Fairmont)
has been appointed to manage its 393-room luxury business hotel in Dubai,
adding that an agreement for Fairmont to acquire a minority stake in the
project has also been made.
William Fatt, Chairman and Chief Executive Officer of Fairmont sees
the move as the �the first of many�: "With a well-established reputation
as North America's largest |
The Fairmont Dubai
rendering
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luxury hotel management company, Fairmont has been looking at strategic
opportunities to grow the brand. As our key flagship in this international
gateway, we feel that it is imperative that we consider our involvement
in The Fairmont Dubai from both a management and a partnership standpoint.
�We see this project as the first
step in a strategic alliance between the private office of His Highness
Dr Sheikh Sultan and Fairmont to build and operate a number of luxury hotels
in the region and other international markets.�
When concluded, the joint venture will be the first investment in the
hospitality sector in Dubai, if not the United Arab Emirates, by an international
hotel operator. Traditionally, international operators have entered
the arena under a |
His Highness Dr Sheikh Sultan bin
Khalifa Al Nahyan and Neil LeBatt, senior vice president, Fairmont Hotels
& Resorts, seal the partnership and management contract for Fairmont�s
flagship property in Dubai, United Arab Emirates. |
management contract, with the bricks and mortar ownership remaining with
a local investor.
Designed in the form of an Arabic wind tower (Barajeel), consisting
of four interlocking towers, The Fairmont Dubai will comprise 393 hotel
rooms including 117 suites, among the largest number for a luxury business
hotel in Dubai; state-of-the-art business facilities; residential apartments;
three floors of office space; a world class spa and health club and 12
food and beverage outlets.
In acknowledgment to the hotel�s landmark location � opposite Dubai�s
World Trade Centre and the area earmarked for the new convention centre
set to house the International Monetary Fund meeting in Dubai in 2003 �
Fatt said: �We are looking forward to working with the Dubai�s Department
of Tourism & Commerce Marketing, tourism partners, and neighbouring
businesses and hotels to further consolidate Sheikh Zayed Road as a centre
for international business and conferences.�
The Fairmont Dubai will join such landmark properties as The Plaza in
New York; The Fairmont Scottsdale Princess in Arizona and The Fairmont
Chateau Whistler in British Columbia, each members of The Leading Hotels
of the World; The Fairmont San Francisco; The Fairmont Banff Springs and
The Fairmont Chateau Lake Louise, both castles in Canada�s Rocky Mountain
national parks and Fairmont Le Chateau Frontenac in Quebec City.
Fairmont is a luxury hotel management company with 38 hotels in North
America, Bermuda, Barbados, Mexico and now the United Arab Emirates. Canadian
Pacific Hotels & Resorts Inc. holds a 67 per cent interest in Fairmont
Hotels & Resorts with Maritz Wolff and Kingdom Hotels holding 16.5
per cent each.
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His Highness Dr Sheikh Sultan bin Khalifa Al Nahyan is a member of the
Royal Family of Abu Dhabi and a significant real estate investor on a global
scale.
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Canadian Pacific Hotels & Resorts Inc. is a wholly owned subsidiary
of Canadian Pacific, a diversified operating company active in transportation,
energy and hotels. Canadian Pacific shares are listed on the Toronto
and New York stock exchanges under the trading symbol �CP�.
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Kingdom Hotels is an international investment company with interests in
luxury hotels and hotel management companies.
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Maritz Wolff is an experienced, knowledgeable real estate group that has
expanded its hotel ownership to include management companies.
Strategic Capital provided financial advisory services to the private
office of His Highness Dr Sheikh Sultan bin Khalifa Al Nahyan with respect
to this transaction.
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