Press: Fairmont hotels could be sold for $2.5 bn

30th Jun 2006

Fairmont Raffles, controlled by Saudi billionaire Prince Alwaleed Bin Talal and Colony Capital LLC, could be seeking to raise up to $2.5 billion by asset sales, the Times newspaper is reporting.

About 15 properties, including the Fairmont Banff Springs in the Rocky Mountains and the Fairmont Acapulco Princess in Mexico are on the sale list.

A spokeswoman for Fairmont was quoted as saying that the company had appointed agents to sell six of the hotels, but declined to comment on whether the Banff Springs hotel would be sold, according to the Canadian Press.

The takeover of Fairmont Hotels & Resorts Inc., valued at $4.5-billion Cdn including debt, was granted Ontario court approval in April.


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