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Fairmont To Manage The Savoy

Fairmont Hotels & Resorts is pleased to announce that it has entered
into an agreement to manage The Savoy Hotel, one of London’s most renowned
and prestigious hotel properties. Concurrently, a company affiliated with
His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud and
Bank of Scotland Corporate, part of HBOS plc, have entered into
discussions with the hotel owner, Quinlan Private, to purchase the hotel.
Subject to the successful sale of the property, Fairmont will assume the
management responsibilities of The Savoy in January 2005.“This agreement will provide Fairmont with the opportunity to extend our
distinctive portfolio to one of the world’s key gateway cities in such a
critically strategic market with one of its most celebrated luxury
hotels,” said William R. Fatt, Fairmont’s Chief Executive Officer. “The
addition of The Savoy, our first hotel in Europe, will provide the ideal
platform for further expansion in Europe and position the Fairmont brand
for continued international growth.”

“The historic significance of The Savoy, its location and clientele are a
perfect complement to our current Fairmont portfolio,” continued Mr. Fatt.
“We look forward to working with our partners to complete the renovation
program. Current plans are to invest approximately $48 million to restore
The Savoy to its pre-eminent position in London.”

Mr. Fatt went on to say, “We are pleased to be working with Prince
Alwaleed on another hotel transaction and are excited about our new
relationship with Bank of Scotland, which we hope will be the first of
many partnership opportunities.”

Built in 1889 as an annex to Richard D’Oyly Carte’s nearby Savoy Theatre,
today the 263-room Savoy is the premier hotel in London’s coveted Strand -
Covent Garden neighborhood. The hotel’s features include 19,000 square
feet of meeting space, one of two rooftop pools in the city and five
restaurants and bars including the legendary, Michelin-starred Savoy
Grill, the River Restaurant and Marcus Wareing’s American diner Banquette.
Overlooking the Thames and Parliament, the Savoy was named to Conde Nast
Traveler’s 2004 Gold List alongside 23 current Fairmont properties.