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 The Fairmont Southampton Sustains Serious Damage from Hurricane; Closure Will Exceed Two Months

 
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.


 
Contact:
Fairmont Hotels & Resorts Inc.
M. Jerry Patava
Executive Vice President and Chief Financial Officer 
Tel: (416) 874-2450
investor@fairmont.com
http://www.fairmont.com
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Also See: Fairmont Affiliate Acquires the 450 room Four Seasons Olympic for Approximately US$100 million; Will be Flagged The Fairmont Olympic Hotel, Seattle / July 2003
Dennis Clark Named General Manager of the Fairmont Olympic Hotel, Seattle; Legacy's Acquisition Represents a Natural Complement to Fairmont's Presence in Vancouver and Victoria, British Columbia / Aug 2003


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