Fairmont Hotels & Resorts Inc. Reduces Investment In Legacy Hotels Real Estate Investment Trust

Fairmont Hotels & Resorts Inc. Reduces Investment In Legacy
Hotels Real Estate Investment Trust 


TORONTO, Sept. 8  /PRNewswire-FirstCall/ -- Fairmont Hotels & Resorts Inc.
("FHR" or the "Company")(TSX/NYSE: FHR) announced that it has agreed to sell 12
million units of Legacy Hotels Real Estate Investment Trust ("Legacy") (TSX:
LGY.UN) in a block trade to CIBC World Markets Inc. and Scotia Capital Inc.
today. The units will be sold at Cdn$6.75 each for total proceeds of Cdn$81
million, or approximately US$63 million. This block sale reduces FHR's equity
investment in Legacy to 23.7% from approximately 35%.

Commenting on the transaction, William R. Fatt, FHR's Chief Executive Officer,
said, "In April, we indicated our intention to reduce our equity position in
Legacy to less than 25% and this transaction accomplishes this objective. The
Company believes that its investment in Legacy continues to be important from
both a strategic and financial perspective."

About Fairmont Hotels & Resorts Inc.

FHR is one of North America's leading owner/operators of luxury hotels and
resorts. FHR's managed portfolio consists of 82 luxury and first-class
properties with more than 33,000 guestrooms in the United States, Canada,
Mexico, Bermuda, Barbados and the United Arab Emirates. FHR owns Fairmont
Hotels Inc., North America's largest luxury hotel management company, as
measured by rooms under management, with 44 distinctive city center and resort
hotels such as 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 22 properties and an approximate 35% investment
interest in Legacy Hotels Real Estate Investment Trust, which owns 24
properties. 

DATASOURCE: Fairmont Hotels & Resorts Inc.



CONTACT: Emma Thompson, Executive Director Investor Relations, Tel:

[phone], Email: ; Website:

http://www.fairmont.com/investor

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