The Monarch Hotel for Approximately $145 million -
to be Flagged The Fairmont Washington, D.C
October 17, 2002- Fairmont Hotels & Resorts Inc. (“FHR”) (TSX/NYSE:
FHR) today announced that it will assume management of the Monarch Hotel
in Washington, D.C., bringing Fairmont’s luxury collection to 40 properties
in six countries. The hotel will be officially flagged “The Fairmont
Washington, D.C.” in November 2002.
Legacy Hotels Real Estate Investment Trust (“Legacy”) (TSX: LGY.UN) announced today that it has agreed to acquire the hotel for a purchase price of approximately US$145 million plus closing costs. The transaction is expected to close in early November, subject to certain conditions.
Commenting on the announcement, William R. Fatt, chief executive officer of FHR, said, “Washington, D.C. is a strategic market for us, with highly favorable demographics and limited supply growth, and has been a top priority for expanding the brand. With its recently renovated guestrooms, extensive meeting space and prominent Georgetown location, the Monarch Hotel will be an excellent complement to Fairmont’s luxury collection.”
Through their ongoing strategic relationship, FHR and Legacy will work together to reposition the Monarch Hotel as a Fairmont-quality asset, further strengthening its position within the Washington market. Current plans include the conversion of certain guestrooms into Fairmont Gold, Fairmont’s “hotel within a hotel” product, featuring private check-in, exclusive concierge services and other amenities. This will be Fairmont’s first Fairmont Gold product in the United States.
About Monarch Hotel
About Fairmont Hotels & Resorts Inc.
About Legacy Hotels Real Estate Investment
Executive Director Investor Relations
|Also See:||Wilson & Associates Completes $12 Million Redesign of the Washington Monarch Hotel / Sept 1999|
|Kea Lani Resort in Wailea Re-flagged as The Fairmont Kea Lani Maui; Fairmont’s First Resort in the Pacific / June 2001|