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Fairmont's Management Agreement for The Savoy
Now Complete Following Acquisition
by Kingdom Hotels International
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$48 million Renovation Scheduled for Iconic London Hotel Built in 1889

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LONDON - Jan. 19, 2005 - The Savoy, the iconic London property overlooking the Thames, has become the latest addition to Fairmont Hotels & Resorts (NYSE:FHR)(TSX:FHR) growing collection of luxury hotels. Fairmont's management agreement for the hotel and adjacent Simpson's-in-the-Strand restaurant is now complete following the recent sale of The Savoy to Kingdom Hotels International, a company affiliated with His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, and Bank of Scotland Corporate, part of HBOS plc, by Quinlan Private.

The Savoy, now referred to as a Fairmont Hotel, is Fairmont's second destination in Europe, following closely on the December 2004 acquisition of the Monte Carlo Grand.

"This marks the beginning of a new era for Fairmont and The Savoy," according to John Johnston, Fairmont's Executive Vice President Development for Europe, the Middle East & Africa. "We are genuinely delighted to have made this match between one of the world's leading luxury hotel companies and one of the world's best recognized hotels."

"Fairmont has been looking for the ideal London fit in terms of reputation, location, capacity and integration with our existing Fairmont brand for quite some time," Johnston said. "Now that we've found it in The Savoy it's time to begin work on making an exceptional property even better."

Originally conceived by Gilbert and Sullivan impresario Richard D'Oyly Carte as somewhere for audiences to stay after performances in his adjacent Savoy Theatre, the property opened in 1889 and has been at the forefront of style, luxury and technology ever since. The Savoy was London's first hotel to pioneer full electric lighting, private baths, its own coffee roaster and handmade beds a century ago has recently begun a subtle but striking transformation.

Recent investment in the 263-room Edwardian icon has included the addition of 56 guestrooms as well as the acclaimed renewal of the Savoy Grill by Los Angeles designer Barbara Barry. Gordon Ramsey protege and Petrus chef Marcus Wareing was installed to run the kitchen, earning the restaurant a coveted Michelin star and introducing Banquette, an intimate, upscale homage to the classic diner, designed to recall a '57 Chevy.

The Savoy's ideal marriage of past and present will continue under Fairmont with ongoing restoration of the hotel's Art Deco interior. "Fairmont Hotels & Resorts is recognized for our ability to enhance what is excellent and preserve what is treasured while introducing what travellers desire," Johnston noted.

The majority of an estimated $48 million in renovation capital will be invested in accommodations, including the singular river view suites, and refreshing some of the hotel's popular function areas including the River Room. While the scope of the work is still being assessed, completion is anticipated by summer 2006.

"Our company has been successfully developing and operating landmark properties since 1889," Johnston said. Since 1999, Fairmont Hotels & Resorts has overseen over US $500 million in capital investments in properties including The Fairmont Chateau Lake Louise, The Fairmont San Francisco and The Fairmont Copley Plaza, Boston.

From Bermuda to Dubai, Fairmont hotels around the world are already connected to The Savoy through their shared affinity for celebrity and royalty. That common guest list connects four generations of the House of Windsor including Edward VIII and Queen Elizabeth II, Winston Churchill, Elton John, Brad Pitt and Catherine Zeta-Jones. Fairmont properties across Canada have hosted every official royal visit since George VI, while The Savoy's tradition of ringing a bell whenever a member of royalty entered the hotel had to be abandoned because of the frequency of their visits.

About The Savoy
Now proudly a Fairmont Hotel, the 263-room Savoy offers 19,000 square feet of distinctive function space, stunning Thames views and an incomparable location close to Covent Garden, the West End theatres, Trafalgar Square and the City financial district. Its famous features include the Michelin-starred Savoy Grill, the American Bar and one of two rooftop pools in the city. In January 2005, The Savoy was noted on both the "Conde Nast Traveler Gold List" and the "Travel + Leisure 500" alongside other celebrated Fairmont Hotels & Resorts.

About Fairmont Hotels & Resorts Inc.
Legendary castles, secluded lodges, storied meeting places and modern retreats. For over a century Fairmont Hotels & Resorts has opened doors to some of the world's most celebrated addresses. Today, our collection of 45 distinctive hotels in eight countries, including The Fairmont San Francisco, The Fairmont Banff Springs and The Fairmont Dubai, promise the traveller unparalleled settings, rich experiences and lasting memories. Future Fairmont Hotels & Resorts include The Fairmont Mayakoba, Riviera Maya (Autumn 2005) The Fairmont Cairo and The Fairmont Abu Dhabi Resort & Villas. 


 
Contact:
Fairmont Hotels & Resorts
www.fairmont.com
Also See: Fairmont Anticipates Assuming Management of The Savoy in January 2005 / September 2004
The Savoy, 114 Year Old Luxury Hotel in London, Returns a Profit for U.S. Owner Blackstone / August 2003


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