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Fairmont To Sell The Fairmont Glitter Bay

Fairmont Hotels & Resorts today announced that it has sold
The Fairmont Glitter Bay in Barbados to a group of investors for
approximately $31 million, or $620,000 per room, resulting in an after tax
gain of about $8 million. The new owners intend to renovate and develop
the property. The resort continues to be managed by FHR as The Fairmont
Glitter Bay. “In 1998, we acquired our initial interest in The Fairmont Glitter Bay as
part of the Princess Hotels transaction. The property’s size, its need for
renovation and the complicated ownership structure with privately-owned
condominiums precipitated this sale,” commented William R. Fatt, Chief
Executive Officer of FHR. “We will maintain ownership of the recently
renovated Fairmont Royal Pavilion on the fabled Gold Coast in Barbados as
well as the adjacent block of undeveloped beach front land, which has
significant future development potential.”