Fairmont Hotels & Resorts To Manage The Savoy Hotel In London

Fairmont Hotels & Resorts To Manage The Savoy Hotel In London



TORONTO, Sept. 13  /PRNewswire-FirstCall/ -- Fairmont Hotels & Resorts Inc.
("FHR") (TSX/NYSE: FHR) is pleased to announce that it has entered into an
agreement to manage The Savoy Hotel, one of London's most renowned and
prestigious hotel properties. Concurrently, a company affiliated with His Royal
Highness Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud and Bank of Scotland
Corporate, part of HBOS plc, have entered into discussions with the hotel
owner, Quinlan Private, to purchase the hotel. Subject to the successful sale
of the property, Fairmont will assume the management responsibilities of The
Savoy in January 2005.

"This agreement will provide Fairmont with the opportunity to extend our
distinctive portfolio to one of the world's key gateway cities in such a
critically strategic market with one of its most celebrated luxury hotels,"
said William R. Fatt, Fairmont's Chief Executive Officer. "The addition of The
Savoy, our first hotel in Europe, will provide the ideal platform for further
expansion in Europe and position the Fairmont brand for continued international
growth."

"The historic significance of The Savoy, its location and clientele are a
perfect complement to our current Fairmont portfolio," continued Mr. Fatt. "We
look forward to working with our partners to complete the renovation program.
Current plans are to invest approximately $48 million to restore The Savoy to
its pre-eminent position in London."

Mr. Fatt went on to say, "We are pleased to be working with Prince Alwaleed on
another hotel transaction and are excited about our new relationship with Bank
of Scotland, which we hope will be the first of many partnership
opportunities."

About The Savoy Hotel

Built in 1889 as an annex to Richard D'Oyly Carte's nearby Savoy Theatre, today
the 263-room Savoy is the premier hotel in London's coveted Strand - Covent
Garden neighborhood. The hotel's features include 19,000 square feet of meeting
space, one of two rooftop pools in the city and five restaurants and bars
including the legendary, Michelin-starred Savoy Grill, the River Restaurant and
Marcus Wareing's American diner Banquette. Overlooking the Thames and
Parliament, the Savoy was named to Conde Nast Traveler's 2004 Gold List
alongside 23 current Fairmont properties.

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 24% investment
interest in Legacy Hotels Real Estate Investment Trust, which owns 24
properties.

Note to Editors: Images available upon request. 

DATASOURCE: Fairmont Hotels & Resorts Inc.



CONTACT: Media: Laura Fairweather, Executive Director Public Relations,

Tel: [phone], Email: , Website:

http://www.fairmont.com/; Investors: Emma Thompson, Executive Director Investor

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