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of The Orchid at Mauna Lani $140 million; Reflagged The Fairmont Orchid, Hawaii |
December
18, 2002 - Fairmont Hotels & Resorts Inc. ("FHR") announced today that
it has completed the acquisition of The Orchid at Mauna Lani on the Island
of Hawaii. The property will be officially flagged "The Fairmont Orchid,
Hawaii" in January 2003. The purchase price for the property was approximately
$140 million plus closing costs and was funded from existing credit facilities.
"FHR has been actively seeking prudent growth in the United States to increase its Fairmont portfolio and we are very pleased to have completed the acquisition of this luxury asset, located in a high barrier to entry market," commented William R. Fatt, chief executive officer of FHR. "The guest profile and product quality of The Fairmont Orchid, Hawaii are a strong complement to our current Fairmont portfolio and we expect to capitalize on our strength in the group market and strong Fairmont brand presence on the West Coast to drive future revenue growth." About The Fairmont Orchid, Hawaii The resort is situated on 32 beachfront acres along the semi-tropical Kohala Coast, on the Northwestern coast of Hawaii. With 539 guestrooms and suites, the resort offers a full-service spa and fitness center, 29,000 square feet of function space, three restaurants, 10 tennis courts and is located close to two 18-hole golf courses. The Fairmont Orchid, Hawaii was named to Conde Nast Traveler's 2002 Gold List alongside 21 of Fairmont's hotels and resorts. The property was also called "one of the best golf resorts" by Conde Nast Traveler's 2001 Top Golf Resorts readers' survey and was a 2001 Conde Nast Traveler Readers' Choice award winner. About Fairmont Hotels & Resorts Inc. FHR is one of North America's leading owner/operators
of luxury hotels and resorts. FHR's current portfolio consists of 80 luxury
and first class properties with more than 31,000 guestrooms in Canada,
the United States, Mexico, Bermuda, Barbados and the United Arab Emirates.
It holds an 83.5 percent controlling interest in Fairmont, North America's
largest luxury hotel management company. Fairmont manages 41 distinctive
city center and resort hotels such as The Fairmont San Francisco, The Fairmont
Banff Springs, Fairmont Le Chateau Frontenac, The Fairmont Scottsdale Princess
and The Plaza in New York City. FHR also holds a 100 percent interest in
Delta Hotels, Canada's largest first class hotel management company, which
manages and franchises a portfolio of 38 city center and resort properties
in Canada. In addition to hotel management, FHR holds real estate interests
in 24 properties, two large undeveloped land blocks and an approximate
35 percent investment interest in Legacy Hotels Real Estate Investment
Trust, which owns 23 properties.
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Executive Director Investor Relations Tel: (416) 874-2485 Email: [email protected] Website: http://www.fairmont.com/ |
Also See: | Kea Lani Resort in Wailea Re-flagged as The Fairmont Kea Lani Maui; Fairmont�s First Resort in the Pacific / June 2001 |
Hawaii Report / 2002 National Lodging Forecast / Ernst & Young LLP / Feb 2002 |