Fairmont Hotels & Resorts Assumes Management Contract

Fairmont Hotels & Resorts Inc. has assumed management of the Monarch Hotel in Washington, D.C., bringing Fairmont`s luxury collection to 40 properties in six countries. The hotel was officially flagged å‘The Fairmont Washington, D.C.å’ on December 11.

Legacy Hotels Real Estate Investment Trust also announced that it has completed the acquisition of the hotel for a purchase price of approximately US$145 million plus closing costs.

Built in 1985, the 415-room Monarch Hotel is located in Washington`s West End on the edge of picturesque Georgetown and is considered one of the city`s premier luxury properties. The hotel has the amenities and services expected of a luxury property in a major downtown city; with health and fitness facilities covering 17,500 sq-ft - making it one of the largest in Washington, plus extensive function space, and award-winning dining. Between 1999 and 2000, the majority of the Monarch Hotel`s guestrooms and meeting space were renovated.

Fairmont Hotels & Resorts, is one of North America`s leading owner/operators of luxury hotels and resorts. FHR`s current portfolio consists of 80 luxury and first-class properties with more than 31,000 guestrooms in Canada, the United States, Mexico, Bermuda, Barbados and the United Arab Emirates. It holds an 83.5 percent controlling interest in Fairmont, North America`s largest luxury hotel management company.
Fairmont manages 40 distinctive city centre and resort hotels such as The Fairmont San Francisco, The Fairmont Banff Springs, Fairmont Le Ch‰teau Frontenac, The Fairmont Scottsdale Princess and The Plaza in New York City.
FHR also holds a 100 percent interest in Delta Hotels, Canada`s largest first class hotel management company, which manages and franchises a portfolio of 39 city centre and resort properties in Canada.
In addition to hotel management, FHR holds real estate interests in 23 properties, two large undeveloped land blocks and an approximate 35 percent investment interest in Legacy Hotels Real Estate Investment Trust, which owns 23 properties.

Headquartered in Toronto, Canada, Fairmont is the largest luxury hotel management company in North America offering luxurious accommodation in the most sought after destinations. In October of 1999, Canadian Pacific Hotels & Resorts acquired Fairmont Hotels; bringing together two companies with over a century of rich history and exemplary hospitality. And from this grand union, Fairmont Hotels & Resorts, a new key player within the luxury hotel segment, was born.