"It is a very promising time for Fairmont," said HRH Prince Al Waleed Bin Talal Abdulaziz Al Saud, who, in partnership with Maritz, Wolff Co., owns Fairmont Hotels. "In Ed Mace we have a leader capable of leading the expansion of this company and elevating the quality of the Fairmont Brand to even greater heights."

Before joining Fairmont, Mace served as Principal and Regional Director for the Real Estate and Hotel Industry division at KPMG Peat Marwick. Prior to this position, Mr. Mace was President and Managing Partner for the Lincoln Property Company of Europe, where he was directly responsible for establishing Lincoln's investment and development program in Europe. From 1994 to 1998, he was President and CEO of Lincoln Hotels, an independent luxury hotel company based in Dallas. Mr. Mace is a graduate of Cornell University with a Bachelor of Science from Cornell's School of Administration. He and his family reside in San Francisco.

"This is an exciting transition stage for Fairmont. We enjoy a prominent position in the luxury category while remaining committed to growth," said Mr. Mace. "Our strategy will remain consistent: continue to acquire luxury properties in gateway cities and destination resorts and expand the Fairmont brand." Headquartered in San Francisco, Fairmont operates seven luxury hotels in Boston, Chicago, Dallas, New Orleans, The Plaza Hotel in New York, San Francisco and San Jose/Silicon Valley, offering travelers a choice of 4,267 luxury rooms and suites. More information about Fairmont can be found at www.fairmont.com.