The Board of Directors of Fairmont Hotels & Resorts Inc. (“FHR”)(TSX/NYSE:
FHR) has increased the semi- annual dividend from three cents (U.S.$0.03)
per share to four cents (U.S.$0.04) per share on the outstanding common
shares, payable on January 28, 2004, to holders of record at the close of
business on December 29, 2003. The decision to increase the dividend
reflects FHR`s confidence in the company`s fundamentals, financial
strength and outlook.
About Fairmont Hotels & Resorts Inc.
FHR is one of North America`s leading owner/operators of luxury hotels and
resorts. FHR`s managed portfolio consists of 81 luxury and first-class
properties with more than 32,000 guestrooms in Canada, the United States,
Mexico, Bermuda, Barbados and the United Arab Emirates. It holds an 83.5%
controlling interest in Fairmont Hotels & Resorts (“Fairmont”), North
America`s largest luxury hotel management company, as measured by rooms
under management. Fairmont manages 42 distinctive city center and resort
hotels such as The Fairmont San Francisco, The Fairmont Banff Springs,
Fairmont Le Chateau Frontenac and The Fairmont Scottsdale Princess. FHR
also holds a 100% interest in Delta Hotels, Canada`s largest first-class
hotel management company, which manages and franchises a portfolio of 38
city center and resort properties in Canada. In addition to hotel
management, FHR holds real estate interests in 24 properties, two large
undeveloped land blocks and an approximate 35% investment interest in
Legacy Hotels Real Estate Investment Trust, which owns 24 properties.
Fairmont Hotels & Resorts editorial, based on news release distributed by PR Newswire