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Fairmont and Obrascon Huarte Lain, S.A. Building
401-room Luxury Resort near Playa del Carmen,

April 28, 2004 - Fairmont Hotels & Resorts Inc. has entered into an agreement with Obrascon Huarte Lain, S.A. ("OHL") to manage a 401-room luxury resort near Playa del Carmen, Mexico. FHR's luxury management company, Fairmont Hotels & Resorts, will operate "The Fairmont Mayakoba, Riviera Maya", scheduled to open in late 2005. In addition to securing a long-term management contract, FHR will invest approximately $10 million for an equity interest of approximately 15% in the resort. FHR will also have the option to participate in the development of an adjacent luxury vacation ownership complex.

The Fairmont Mayakoba will be part of the Mayakoba master plan resort community, which encompasses approximately 1,605 acres on the 112 miles of coastline known as the "Mexican Caribbean". Located approximately 40 miles south of Cancun near the town of Playa del Carmen, on the Tulum corridor in the province of Quintana Roo, this rapidly growing tourist destination is renowned for its pristine beaches, lush jungle, Mayan ruins and world-class diving and snorkeling.

Mr. William R. Fatt, Chief Executive Officer, FHR commented on the announcement, saying, "We are excited to be part of this exclusive new resort destination on the Mayan Riviera. Development of this resort is a strategic move to build on Fairmont's presence in Mexico, where we have already established strong brand identity with our two Acapulco resorts."

The Fairmont Mayakoba will be located in the heart of the tropical jungle and around the area's natural interior lagoons. Guestrooms and suites will be in 97 two-storey units set in clusters throughout the jungle, including 33 one-, two- and three-bedroom casitas, some with ocean views. In addition, the hotel will offer approximately 30,000 sq. ft of meeting space. The region's diverse natural vegetation and lagoons inspired the resort's design developed by Dallas-based 3 Architecture and Unidad-Diseno SC.

The resort will manage and have priority access to a Greg Norman designed 18-hole championship golf course, one of two courses at the Mayakoba development. A 16,000 sq. ft. Willow Stream spa will also be introduced with 19 treatment rooms, including deluxe massage rooms and two couple's rooms. Willow Stream, Fairmont's unique spa collection introduced in 2001, has quickly earned acclaim for its outstanding design, service and treatments. After a session at the spa, or a round on the links, guests will have the option of dining at one of the resort's three restaurants, or unwinding in the health club, tennis courts or 10,000 sq. ft. pool. The Fairmont Mayakoba will also feature a special children's play area and pool.

About Obrascon Huarte Lain, S.A.
Obrascon Huarte Lain, S.A, ("OHL"), an international construction and development company based in Madrid, Spain. OHL is one of the largest construction and services groups in Spain and a major contractor in Mexico and South America. It is publicly listed on the Spanish stock exchange.

About Fairmont Hotels & Resorts Inc.
FHR is one of North America's leading owner/operators of luxury hotels and resorts. FHR's managed portfolio consists of 83 luxury and first-class properties with more than 33,000 guestrooms in the United States, Canada, Mexico, Bermuda, Barbados and the United Arab Emirates. It holds an 83.5% controlling interest in Fairmont Hotels Inc., North America's largest luxury hotel management company, as measured by rooms under management. Fairmont manages 44 distinctive city center and resort hotels such as The Fairmont San Francisco, The Fairmont Banff Springs and The Fairmont Scottsdale Princess. FHR also owns Delta Hotels, Canada's largest first-class hotel management company, which manages and franchises 39 city center and resort properties in Canada. In addition to hotel management, FHR holds real estate interests in 23 properties and an approximate 35% investment interest in Legacy Hotels Real Estate Investment Trust, which owns 24 properties.

Executive Director Public Relations
Fairmont Hotels & Resorts
(416) 874-2404
Also See: DEMA Names Mandarin Oriental to Manage a 128-villa Resort and Spa Under Development on the Riviera Maya, Mexico / February 2004
Royal Capri Resort & Spa Under Construction in Riviera Maya, Mexico / Oct 2002
Fairmont Reports a 1st Qtr Net Loss of $600,000 Compared with Net Income of $12.5 million in the Year-ago Quarter; Occupancy Rose to 64.7% from 60.8% / Hotel Operating Statistics / April 2004

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