Fairmont To Manage Mixed-Use Luxury Resort Development In Turks & Caicos
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Fairmont To Manage Mixed-Use Luxury Resort Development In Turks & Caicos
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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 2006-02-07
Fairmont Hotels & Resorts Inc. ("Fairmont" or the "Company") (TSX/NYSE: FHR) today announced that it has entered into an agreement with The Wight Group to manage a mixed-use luxury development on the west coast of North Caicos in the Turks & Caicos Islands. The project will be comprised of a 150-room resort, a 150-room condo hotel, several Fairmont branded residential developments including Fairmont Heritage Place, a Willow Stream spa and a championship golf course, all of which will be managed by Fairmont. When the Fairmont Turks & Caicos opens in 2009, the Company will make an investment for a 19.9% equity interest in the hotel. The transaction is subject to certain terms and conditions being finalized and is expected to close in the first quarter of 2006. Residential sales activities are expected to begin in Fall 2006. Wight Cotton, a subsidiary of The Wight Group, will handle the real estate marketing.
William R. Fatt, Fairmont's Chief Executive Officer, said, "Turks & Caicos is rapidly becoming a popular travel destination, and we are delighted to be a part of the expansion at the luxury end of the market. The strength of our brand is leading to great partnership opportunities with experienced developers. The Wight Group brings a breadth of expertise in resort and residential development to this partnership and we are excited about additional opportunities being pursued as a result of this new relationship."
George Wight, Jr., Principal of The Wight Group, commented, "We have been seeking a hotel partner for this comprehensive project and are pleased to be partnering with Fairmont. The Company has considerable experience managing high caliber, complex resort developments and its brand speaks for itself. Coupled with the leading edge marketing tools developed by Wight Cotton, I believe we are well-positioned for our expansion in this market."
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