Fairmont Hotels & Resorts Inc. has entered into an agreement with Obrascon Huarte Lain, S.A. to manage a 401-room luxury resort near Playa del Carmen, Mexico. FHR’s luxury management company, Fairmont Hotels & Resorts, will operate “The Fairmont Mayakoba, Riviera Maya”, scheduled to
open in late 2005. In addition to securing a long-term management
contract, FHR will invest approximately $10 million for an equity interest
of approximately 15% in the resort. FHR will also have the option to
participate in the development of an adjacent luxury vacation ownership
complex.
The Fairmont Mayakoba will be part of the Mayakoba master plan resort
community, which encompasses approximately 1,605 acres on the 112 miles of
coastline known as the “Mexican Caribbean”. Located approximately 40 miles
south of Cancun near the town of Playa del Carmen, on the Tulum corridor
in the province of Quintana Roo, this rapidly growing tourist destination
is renowned for its pristine beaches, lush jungle, Mayan ruins and
world-class diving and snorkeling.

Mr. William R. Fatt, Chief Executive Officer, FHR commented on the
announcement, saying, “We are excited to be part of this exclusive new
resort destination on the Mayan Riviera. Development of this resort is a
strategic move to build on Fairmont’s presence in Mexico, where we have
already established strong brand identity with our two Acapulco resorts.”

The Fairmont Mayakoba will be located in the heart of the tropical jungle
and around the area’s natural interior lagoons. Guestrooms and suites will
be in 97 two-storey units set in clusters throughout the jungle, including
33 one-, two- and three-bedroom casitas, some with ocean views. In
addition, the hotel will offer approximately 30,000 sq. ft of meeting
space. The region’s diverse natural vegetation and lagoons inspired the
resort’s design developed by Dallas-based 3 Architecture and Unidad-Diseno
SC.

The resort will manage and have priority access to a Greg Norman designed
18-hole championship golf course, one of two courses at the Mayakoba
development. A 16,000 sq. ft. Willow Stream spa will also be introduced
with 19 treatment rooms, including deluxe massage rooms and two couple’s
rooms. Willow Stream, Fairmont’s unique spa collection introduced in 2001,
has quickly earned acclaim for its outstanding design, service and
treatments. After a session at the spa, or a round on the links, guests
will have the option of dining at one of the resort’s three restaurants,
or unwinding in the health club, tennis courts or 10,000 sq. ft. pool. The
Fairmont Mayakoba will also feature a special children’s play area and
pool.

While the sun, sand, golf and spa elements essential to any warm weather
resort are in place, The Fairmont Mayakoba will also offer exciting
alternatives for the eco-tourist, the adventurer and the culture
enthusiast. Guests will be able to take nature tours of the resort grounds
filled with exotic mangrove trees and a wide variety of native flora and
fauna, or visit one of the local eco-reserves like Sian Ka’am. The Riviera
Maya boasts the world’s second largest coral reef and is a popular
destination for scuba diving and snorkeling, including exploration of
mystical underwater cenotes, luminous caverns that were once a source of
fresh water for the Mayans. The resort is also close to the magnificent
Mayan sites of Tulum, Coba and Chichen Itza. Nearby Playa del Carmen
offers exuberant nightlife, in addition to sophisticated boutiques and
fine dining.
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