Fairmont Hotels & Resorts Inc. has announced that the company has entered into an agreement with Betteroads Asphalt Corporation to manage a new $152 million resort on Puerto Rico`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 opening. Construction of the resort is to begin this autumn, with a projected opening of late 2005 when the Fairmont Coco Beach Resort will be home to a brand new 12,000 sq-ft Willow Stream spa.
Willow Stream -The Spas at Fairmont, has a philosophy which underpins a unique approach to luxurious retreats that helps guests build their own stores of energy. “Because Willow Stream is a Fairmont spa we strive to deliver exceptionally high standards. Every Willow Stream spa captures the essence, the elegance and the energy of its community.” Willow Stream is inspired by the elements and presents an impressive collection of exclusive spa therapies, beauty treatments and holistic alternatives.
Coco Beach Resort and Willow Stream Spa in Puerto Rico will expand Fairmont Hotels & Resorts` collection to 42 properties in the United States, Canada, Mexico, Caribbean, Bermuda and the United Arab Emirates.Hotel Development Corporation and Tourism Development Fund, both Puerto Rican Government entities, are investment participants in this project and FHR has the option to participate in the development of a vacation 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.” Fatt continued, “The Fairmont Coco Beach Resort will be an excellent complement to Fairmont`s portfolio, both for leisure and business guests”.
Together with 416 guestrooms including villas, other amenities will include 30,000 sq-ft of meeting space, and a 6,000 sq-ft casino, guests will also have access to 36 holes of golf located within the resort.
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