| TORONTO, Jan. 3, 2006 - Fairmont Hotels & Resorts Inc. ("Fairmont"
or the "Company") (TSX/NYSE: FHR) today announced that it has entered into
an agreement with The Wight Group to manage a mixed-use luxury development
on the west coast of North Caicos in the Turks & Caicos Islands. The
project will be comprised of a 150-room resort, a 150-room condo hotel,
several Fairmont branded residential developments including Fairmont Heritage
Place, a Willow Stream spa and a championship golf course, all of which
will be managed by Fairmont. When the Fairmont Turks & Caicos opens
in 2009, the Company will make an investment for a 19.9% equity interest
in the hotel. The transaction is subject to certain terms and conditions
being finalized and is expected to close in the first quarter of 2006.
Residential sales activities are expected to begin in Fall 2006. Wight
Cotton, a subsidiary of The Wight Group, will handle the real estate marketing.
William R. Fatt, Fairmont's Chief Executive Officer, said, "Turks &
Caicos is rapidly becoming a popular travel destination, and we are delighted
to be a part of the expansion at the luxury end of the market. The strength
of our brand is leading to great partnership opportunities with experienced
developers. The Wight Group brings a breadth of expertise in resort and
residential development to this partnership and we are excited about additional
opportunities being pursued as a result of this new relationship."
George Wight, Jr., Principal of The Wight Group, commented, "We have
been seeking a hotel partner for this comprehensive project and are pleased
to be partnering with Fairmont. The Company has considerable experience
managing high caliber, complex resort developments and its brand speaks
for itself. Coupled with the leading edge marketing tools developed by
Wight Cotton, I believe we are well-positioned for our expansion in this
market."
About Fairmont Hotels & Resorts Inc.
FHR is a leading owner/operator of luxury hotels and resorts. FHR's
managed portfolio consists of 88 luxury and first-class properties with
approximately 34,000 guestrooms in the United States, Canada, Mexico, Bermuda,
Barbados, United Kingdom, Monaco, Kenya and the United Arab Emirates as
well as two vacation ownership properties managed by Fairmont Heritage
Place. FHR owns Fairmont Hotels Inc., North America's largest luxury hotel
management company, as measured by rooms under management, with 50 distinctive
city center and resort hotels including 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 38 city center and resort properties in Canada.
In addition to hotel management, FHR holds real estate interests in 21
properties and an approximate 24% investment interest in Legacy Hotels
Real Estate Investment Trust, which owns 24 properties. FHR owns FHP Management
Company LLC, a private residence club management company that operates
Fairmont Heritage Place, a vacation ownership business.
About The Wight Group
The Wight Group is a third generation organization of affiliated family-owned
businesses that has provided engineering, construction and development
services worldwide for over sixty-five years. The companies are proud to
uphold the Wight tradition of quality and service particularly in the area
of luxury resort property development. For more information please visit
www.wightgroup.com.
About Wight Cotton
Wight Cotton is a joint venture between The Wight Group, a world-wide
engineering and construction services company based in Schaumburg, Illinois
and Cotton & Company, the country's leading luxury resort and real
estate advertising/marketing firm headquartered in Stuart, Florida. This
combination of professional disciplines uses leading-edge technologies
to provide a complementary suite of services, which streamlines the development
process thereby maximizing the return on investment. Wight Cotton clients
can be found throughout the continental United States, the Caribbean, Mexico
and Costa Rica. For more information please visit www.wight-cotton.com.
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