Fairmount Hotels and Resorts Announce New Agreement for Property in Puerto Rico

Fairmont Hotels & Resorts Inc. announced that the company has entered into an agreement with Betteroads Asphalt Corporation to manage a new $152 million, 416-room resort on Puerto Ricoå‘s Rio Grande, 25 miles east of San Juan. In acquiring the long-term management contract, FHR will also invest approximately $9.5 million for a minority equity interest in the property at the time of its opening. 
Hotel Development Corporation and Tourism Development Fund, both Puerto Rican government entities, are investment participants in this project. FHR has the option to participate in the development of a holiday ownership property on a 20-acre parcel of land adjacent to the resort.
Hotel Development Corporation and Tourism Development Fund, both Puerto Rican government entities, are investment participants in this project. FHR has the option to participate in the development of a holiday ownership property on a 20-acre parcel of land adjacent to the resort.
“FHR has been actively seeking strategic growth opportunities to increase its luxury portfolio,” comments William R. Fatt, chief executive officer of FHR. “Our portfolio has a significant resort component and this project allows us to build on our presence in the Caribbean, in a desirable tourism destination. In addition, the resort provides us an opportunity to expand Willow Stream, Fairmont`s spa brand.” Mr. Fatt continued, “The Fairmont Coco Beach Resort will be an excellent complement to Fairmont’s portfolio, both for leisure and business guests.”
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