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Press Release: Fairmont Hotels & Resorts Inc.
April 28, 2004
TORONTO -- Fairmont Hotels & Resorts Inc. ("FHR") (TSX/NYSE: FHR) has entered into an agreement with
Obrascon Huarte Lain, S.A. ("OHL") to manage a 401-room luxury resort near Playa del Carmen, Mexico.
FHR's luxury management company, Fairmont Hotels & Resorts, will operate "The Fairmont Mayakoba, Riviera
Maya", scheduled to open in late 2005. In addition to securing a long-term management contract, FHR will invest
approximately $10 million for an equity interest of approximately 15% in the resort. FHR will also have the option
to participate in the development of an adjacent luxury vacation ownership complex.
The Fairmont Mayakoba will be part of the Mayakoba master plan resort community, which encompasses approximately
1,605 acres on the 112 miles of coastline known as the "Mexican Caribbean". Located approximately 40
miles south of Cancun near the town of Playa del Carmen, on the Tulum corridor in the province of Quintana Roo,
this rapidly growing tourist destination is renowned for its pristine beaches, lush jungle, Mayan ruins and world-class
diving and snorkeling.
Mr. William R. Fatt, Chief Executive Officer, FHR commented on the announcement, saying, "We are excited to
be part of this exclusive new resort destination on the Mayan Riviera. Development of this resort is a strategic
move to build on Fairmont's presence in Mexico, where we have already established strong brand identity with our
two Acapulco resorts."
The Fairmont Mayakoba will be located in the heart of the tropical jungle and around the area's natural interior
lagoons. Guestrooms and suites will be in 97 two-storey units set in clusters throughout the jungle, including
33 one-, two- and three-bedroom casitas, some with ocean views. In addition, the hotel will offer approximately
30,000 sq. ft of meeting space. The region's diverse natural vegetation and lagoons inspired the resort's design
developed by Dallas-based 3 Architecture and Unidad-Diseno SC.
The resort will manage and have priority access to a Greg Norman designed 18-hole championship golf course, one
of two courses at the Mayakoba development. A 16,000 sq. ft. Willow Stream spa will also be introduced with 19
treatment rooms, including deluxe massage rooms and two couple's rooms. Willow Stream, Fairmont's unique spa collection
introduced in 2001, has quickly earned acclaim for its outstanding design, service and treatments. After a session
at the spa, or a round on the links, guests will have the option of dining at one of the resort's three restaurants,
or unwinding in the health club, tennis courts or 10,000 sq. ft. pool. The Fairmont Mayakoba will also feature
a special children's play area and pool.
While the sun, sand, golf and spa elements essential to any warm weather resort are in place, The Fairmont Mayakoba
will also offer exciting alternatives for the eco-tourist, the adventurer and the culture enthusiast. Guests will
be able to take nature tours of the resort grounds filled with exotic mangrove trees and a wide variety of native
flora and fauna, or visit one of the local eco-reserves like Sian Ka'am. The Riviera Maya boasts the world's second
largest coral reef and is a popular destination for scuba diving and snorkeling, including exploration of mystical
underwater cenotes, luminous caverns that were once a source of fresh water for the Mayans. The resort is also
close to the magnificent Mayan sites of Tulum, Coba and Chichen Itza. Nearby Playa del Carmen offers exuberant
nightlife, in addition to sophisticated boutiques and fine dining.
About Obrascon Huarte Lain, S.A.
Obrascon Huarte Lain, S.A, ("OHL"), an international construction and development company based in Madrid,
Spain. OHL is one of the largest construction and services groups in Spain and a major contractor in Mexico and
South America. It is publicly listed on the Spanish stock exchange.
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 83 luxury and first-class properties with more than 33,000 guestrooms in the United States, Canada, Mexico,
Bermuda, Barbados and the United Arab Emirates. It holds an 83.5% controlling interest in Fairmont Hotels Inc.,
North America's largest luxury hotel management company, as measured by rooms under management. Fairmont manages
44 distinctive city center and resort hotels such as The Fairmont San Francisco, The Fairmont Banff Springs and
The Fairmont Scottsdale Princess. FHR also owns Delta Hotels, Canada's largest first-class hotel management company,
which manages and franchises 39 city center and resort properties in Canada. In addition to hotel management, FHR
holds real estate interests in 23 properties and an approximate 35% investment interest in Legacy Hotels Real Estate
Investment Trust, which owns 24 properties.
For more information on Fairmont Hotels & Resorts or reservations, please
call 800-441-1414, or visit us online at www.fairmont.com/mayakoba
Source: Fairmont Hotels & Resorts Inc.