Press Release: Fairmont Hotels & Resorts
October 13, 1999
TORONTO -- The deal combining the management of the fabled Canadian Pacific Hotels and America's grand Fairmont
Hotels is complete 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 luxury hotel management company in North America, with a collection
of 34 distinctive city and resort hotels throughout the U.S., Canada, Bermuda, Barbados and Mexico. With over a
century of experience, Fairmont Hotels & Resorts is committed to service excellence with approximately 17,500
rooms and 19,000 employees. For reservations, call 800-866-5577, or for information, please visit the web site
at http://www.fairmont.com.
SOURCE: Fairmont Hotels & Resorts