The Plaza Hotel and Condo Hotel when Renovation
Completed in Early 2007
|November 22, 2005 - Fairmont Hotels & Resorts Inc. ("Fairmont")
(TSX/NYSE: FHR) is pleased to announce that it has entered into an agreement
to manage The Plaza, one of New York's, and the world's, most renowned
and prestigious hotel properties. The Plaza is currently undergoing an
extensive $350 million renovation which, when completed, will feature 282
spacious, fully renovated luxury hotel rooms, including 152 condo hotel
units. The restored Plaza will also contain elegant residential condominiums
and high- end retail space. Subject to certain terms and conditions being
finalized, Fairmont will assume management responsibilities of the hotel
and condo hotel when The Plaza reopens in early 2007, in time to celebrate
the property's centennial anniversary.
"New York City is one of the key strategic hotel markets in the world. We are delighted to be returning to the city and to the same address, with a magnificent, unrivalled luxury property," said William R. Fatt, Fairmont's Chief Executive Officer. "The Plaza's history, celebrated landmark status and renewed positioning, make it the ideal New York flagship for our distinguished hotel collection."
Mr. Fatt went on to say, "We are also pleased about our new relationship with the owner of The Plaza, ELAD Properties, and we hope that this will be the first of other partnership opportunities."
"In every respect, The Plaza will set a new standard of quality, luxury and sophistication. We will be creating, with Fairmont, a five diamond plus hotel in which the rooms, amenities, services and experience will be like no other, reflecting the traditions and expectations associated with this storied and iconic landmark," noted Miki Naftali, President and Chief Executive Officer of ELAD Properties. "The restored Plaza, quite simply, will once again be the greatest hotel in the greatest city in the world."
About The Plaza
About Fairmont Hotels & Resorts Inc.
About ELAD Properties
|Also See:||After Paying a New York City Record $838,000 per Room, Elad Properties-Ad Group Ltd. May Convert Some of The Plaza into Residential Units / August 2004|
|Elad Properties Backs Down from Controversial Plan for the 805-room Plaza Hotel; Fewer Condos, More Hotel Rooms Provides Union with More Jobs Saved / April 2005|