Fairmont Reduces Investment In Legacy Trust

9th Sep 2004

Fairmont Hotels & Resorts announced that it has agreed to
sell 12 million units of Legacy Hotels Real Estate Investment Trust in a block trade to CIBC World Markets Inc. and
Scotia Capital Inc. today. The units will be sold at Cdn$6.75 each for
total proceeds of Cdn$81 million, or approximately US$63 million. This
block sale reduces FHR’s equity investment in Legacy to 23.7% from
approximately 35%. Commenting on the transaction, William R. Fatt, FHR’s Chief Executive
Officer, said, “In April, we indicated our intention to reduce our equity
position in Legacy to less than 25% and this transaction accomplishes this
objective. The Company believes that its investment in Legacy continues to
be important from both a strategic and financial perspective.”


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