Fairmont Hotels & Resorts is entering 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.”
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.”