Fairmont Hotels Appoints New CFO

Fairmont Hotels & Resorts Inc. announced today the
appointment of John Carnella as Executive Vice President and Chief
Financial Officer effective March 1, 2005, reporting to William Fatt,
Fairmont’s CEO. “Continuing to extend Fairmont as a global luxury brand demands leveraging
the strength of our balance sheet and effectively deploying capital for
expansion opportunities,” said Mr. Fatt. “The CFO plays a critical role
executing Fairmont’s comprehensive growth strategy and ensuring
stakeholder value.”

Mr. Carnella brings over 16 years of finance, capital markets and real
estate investment experience to this position. Most recently he served as
Senior Vice President Finance and Treasurer of Host Marriott Corporation.
Mr. Carnella joined Host Marriott in 1997 and has held Senior Vice
President roles in both the Finance and Acquisition departments.

“John’s proven finance experience and demonstrated business acumen make
him the ideal choice for optimizing Fairmont’s financial performance,” Mr.
Fatt noted.

Mr. Carnella holds an MBA from The Wharton School of Business at the
University of Pennsylvania and a Bachelor’s degree in Hotel Administration
from Cornell University. He will be based in Toronto.
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