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    Fairmont Acquires the Outstanding 51% Ownership 
of The Fairmont Royal Pavilion and The Fairmont 
Glitter Bay in Barbados 
TORONTO, Jan. 12, 2001 - Fairmont Hotels & Resorts today announced that its parent company has acquired the outstanding 51 percent ownership of The Fairmont Royal Pavilion and The Fairmont Glitter Bay in Barbados from Michael Pemberton, majority shareholder of Pemberton Princess Hotels, Ltd.
 
“The distinguished Royal Pavilion and Glitter Bay resorts have been part of the Fairmont collection for more than two years now, and together we have shared record occupancies.  Our increased investment in these resorts demonstrates our long-term commitment to the Barbados market and to further development in the Caribbean region,” said William R. Fatt, chairman and chief executive officer of Fairmont Hotels & Resorts.
 
 
Fairmont Royal Pavilion
Porters, St. James
Barbados, West Indies
“The Royal Pavilion and Glitter Bay are extremely proud to be fully associated with the largest luxury hotel company in North America,” said Jan Schoningh, general manager of The Fairmont Royal Pavilion and The Fairmont Glitter Bay.  “With Fairmont’s long-term commitment, we will be taking a close look at development plans for both resorts in the coming months.”

The 75-room, oceanfront Fairmont Royal Pavilion is set amidst an eleven-acre, private oasis.  The 67-room, beachfront Fairmont Glitter Bay is located on the nineteen-acre former estate of Sir Edward Cunard.  Both resorts are located on the West Coast of Barbados in the parish of St. James.

This announcement comes shortly after the company’s signing of a letter of intent to manage a new $140 million, 400-room resort in Puerto Rico, and consolidates Fairmont’s anchor position in the important Caribbean market.
Fairmont Hotels & Resorts is the largest operator of luxury hotels and resorts in North America with a collection of 36 properties throughout the U.S., Canada, Bermuda, Barbados and Mexico.

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Contact:
Fairmont Hotels & Resorts
http://www.fairmont.com

Also See Fairmont Hotels & Resorts Invests $3 million Equity in LifeCast, a Marketer of Luxury Brands / Dec 2000 


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