| September 8, 2003 - Fairmont Hotels & Resorts
Inc. ("FHR") (TSX/NYSE: FHR) announced today that its two Bermuda properties
have suffered considerable damage during Hurricane Fabian, the most powerful
storm to hit Bermuda in almost 80 years. FHR is pleased to report that
all hotel guests and employees at both properties are safe and no injuries
were sustained. |
The Fairmont Southampton
Hamilton, Bermuda |
The Fairmont Southampton was the more seriously affected of the two properties
and will be closed for a period currently estimated to be between two and
six months. In particular, the roof and a number of guestroom floors were
damaged and the property's public areas have suffered water damage. The
Fairmont Hamilton Princess was also affected but to a lesser extent and
remains open for business. Approximately 25% of the guestrooms at The Fairmont
Hamilton Princess have sustained water damage and are currently out of
service.
Members of FHR's design and construction team are onsite in Bermuda
and are currently assessing the damage. FHR has extensive insurance coverage
for both property damage and business interruption and currently estimates
that it will incur costs of approximately $5 to $10 million, net of insurance
recoveries.
FHR is one of North America's leading owner/operators of luxury hotels
and resorts. FHR's managed portfolio consists of 81 luxury and first-class
properties with more than 31,000 guestrooms in Canada, the United States,
Mexico, Bermuda, Barbados and the United Arab Emirates. |
