Fairmont Hotels & Resorts To Manage Luxury Private Residence Club In San Francisco
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Fairmont Hotels & Resorts To Manage Luxury Private Residence Club In San Francisco
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2005-11-17
Fairmont Hotels & Resorts Inc. ("Fairmont" or
the "Company") (TSX/NYSE: FHR) has reached another milestone in its growth
strategy with the introduction of its first urban private residence club. In a
new partnership with JMA Ventures, LLC ("JMA"), Fairmont Heritage Place will
develop San Francisco's first private residence club in San Francisco's
historic Ghirardelli Square. Located in the original chocolate factories, this
luxury residence club will offer extraordinary views of the San Francisco Bay
and Alcatraz Island as well as an intimate European plaza feel. As part of the
agreement with JMA, Fairmont will make a minority equity investment in the
development and JMA, along with its investment partner Pacific Coast Capital
Partners of San Francisco, will hold the balance. Fairmont Heritage Place will
begin marketing and sales efforts next summer with the residence club homes
scheduled to open in mid-2007.
"This is a unique opportunity for Fairmont to create what we believe will
be the preeminent urban private residence club. This is an excellent strategic
choice for our company, a strong fit for our brand and an important milestone
in the growth of our Fairmont Heritage Place collection," said William R.
Fatt, Fairmont's Chief Executive Officer. "We are excited about our new
relationship with JMA, and hope that this project will be the first of many
development opportunities with our new partner."
"Fairmont Heritage Place's strategy is to be the definitive location in
each of its destinations with a luxury residence club product that is both
contemporary and local. Ghirardelli Square, with its historic significance and
spectacular location, represents the quintessential Fairmont Heritage Place,"
commented Greg Doman, Fairmont's Vice President, Fairmont Heritage Place. "We
believe the high caliber and outstanding location of this development will set
new standards for urban private residence clubs."
"Our goal was to seek a partner that would provide a premium hospitality
brand identity and a top-quality product commensurate with our vision for a
revitalized Ghirardelli Square," said Todd Chapman of JMA. "Ghirardelli is a
very special place -- a beloved and historic San Francisco icon, a uniquely
intimate physical space, and one of the most beautiful locations in the city.
Our vision for renewing and reenergizing Ghirardelli Square -- which includes
an exciting mix of high-end retail, fine dining, artisanal foods, wines and
cheeses, art galleries, spa facilities and much more -- will carefully
preserve these wonderful attributes while creating a charming new enclave that
will benefit both the immediate neighborhood and the entire city of San
Francisco."
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