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Development - Fairmont Hotels & Resorts Inc. |
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| TORONTO, July 6, 2004 - In a continued effort to grow its luxury brand,
Fairmont Hotels & Resorts Inc. ("Fairmont" or the "Company") (TSX/NYSE:
FHR), today announced a new development structure that is intended to accelerate
growth through future acquisitions, joint ventures and new development
opportunities. In response, William Fatt, Chief Executive Officer of Fairmont,
is pleased to announce the appointment of two seasoned industry executives
who will be responsible for the Company's growth.
Tom Storey will take on the new role of Executive Vice President, Development and will work alongside Fatt in Toronto to further define and execute Fairmont's growth strategy. Along with his new responsibilities, Storey will continue to oversee the Company's vacation ownership division, but will relinquish his duties relating to sales and marketing. Prior to this appointment, Storey served as Fairmont's Executive Vice President, Business Development and Strategy and has sat on the Company's investment committee for the past four years. Previously, he held senior management positions with a number of U.S. lodging companies including Marriott, Doubletree, Radisson and Promus, where he was involved in brand expansion and major corporate transitions. Storey holds a Master's of Business Administration degree from Cornell University and a Bachelor's degree in economics from Bates College. With several international projects currently under development and a number of strategic partners located abroad, John Johnston will take on the new position of Executive Vice President for Europe, Africa and the Middle East. Also reporting to Fatt, Johnston will be responsible for managing Fairmont's overseas operations and the brand's development opportunities in these regions. Johnston holds a degree in Hotel Administration from the United Kingdom's University of Birmingham and is a veteran hotelier who has worked with other hotel companies including Four Seasons Hotels and Resorts and Loews Hotels. Most recently, Johnston was Fairmont's Executive Vice President, Development. "This new structure underscores our commitment to growth and increased penetration in key U.S. and international markets," says Fatt. "I have great confidence in these two professionals and trust their expertise will increase and enhance Fairmont's global brand presence." |
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| Contact:
Fairmont Hotels & Resorts Inc. http://www.fairmont.com |