The deal combining the management of the fabled Canadian Pacific Hotels and America`s grand Fairmont Hotels has officially closed, creating Fairmont Hotels & Resorts. The new entity is the largest luxury hotel management company in North America, with 34 distinctive city center and resort hotels, 28 of which are in the United States and Canada. Canadian Pacific Hotels will hold a 67% interest in Fairmont Hotels & Resorts with Maritz Wolff and Kingdom Hotels holding 16.5% each.
The Fairmont Hotels & Resorts brand unites a century of hotel experience with unparalleled assets to create a new player in the world of luxury hotel management. The collection combines the seven landmark Fairmont hotels, such as The Fairmont San Francisco and The Plaza in New York, with 27 hotels from the Canadian Pacific Hotels portfolio, including the renowned Banff Springs, Le Chateau Frontenac and Chateau Lake Louise as well as the Canadian Pacific-owned Princess resorts in Scottsdale, Bermuda, Barbados and Acapulco.
``It`s very unusual for a management company to start out with 34 luxury hotels and resorts in its portfolio - including such a large number of landmark properties,`` said William Fatt, Chairman and CEO of Fairmont Hotels & Resorts. ``This puts the new management company in an immediate leadership position in the hospitality industry and allows us to offer unparalleled choice for our guests, travel agents and meeting planners.``
To launch the new brand, an extensive advertising campaign will start October 13, including media buys in both print and broadcast outlets. The print advertisements will appear in the Wall Street Journal, USA Today, The New York Times, Los Angeles Times and The Chicago Tribune to name a few. Starting in November, ads will also appear on national cable television including CNN, The History Channel, The Travel Channel, The Weather Channel and the Discovery Channel. Spot TV in New York City will include the three major networks and Fox.
The Canadian Pacific Hotels name, which has equity in Canada, will continue to be used in the Canadian marketplace as part of the Fairmont Hotels & Resorts brand. All new properties as well as existing Princess properties will incorporate Fairmont into the hotel name.
``Combining the strengths of such similar companies and building on the base of the Fairmont brand, which has such high visibility in the U.S., is an important component of our company`s competitive advantage as we expand,`` said William Fatt.
Fairmont Hotels & Resorts is the largest operator of luxury hotels and resorts in North America, with a unique collection of world-class resorts and city center hotels that enjoy unrivalled prominence in the communities where they are located.