Turnberry Associates Signs Fairmont Hotels & Resorts Inc
Long Term Management Contract for The Fairmont Turnberry Isle Resort & Club
TORONTO, December 16, 2005. Fairmont Hotels & Resorts Inc. ("Fairmont" or the "Company") today announced that Turnberry Associates will acquire The Fairmont Turnberry Isle Resort & Club. The resort will retain its name and continue to be managed by Fairmont under a new, enhanced long-term management contract. The transaction is expected to close by the end of the year.
As part of this new partnership, Turnberry Associates plans to invest significant capital in the resort to position the property as the premier golf and beach resort destination in southern Florida. This would include a complete renovation of the existing golf courses as well as a substantial improvement to the resort. In addition, Fairmont is planning to participate in the management of additional residential development projects at the property.
"We are pleased to enter into a strategic alliance with such a well-respected developer and welcome Turnberry Associates back to the resort," commented William R. Fatt, Chief Executive Officer of Fairmont. "As the original developer of this property and numerous projects in the area, Turnberry Associates is entirely familiar with our resort and the market. This expertise will allow us to raise the bar and enhance the overall quality and performance of The Fairmont Turnberry Isle Resort & Club."
Added Mr. Fatt, "This transaction supports Fairmont's management-focused growth strategy as well as the pursuit of additional revenue streams from new real estate development projects. Not only will the resort benefit from the capital invested in a renovation program, the Company has the potential to work with Turnberry Associates on a number of exciting luxury development projects on the resort grounds."
Jeffrey Soffer, Turnberry Associates' Principal, said, "We are delighted to be working with such a well respected organization on this property. Fairmont is the ideal brand for this resort. In less than two years, the Company has demonstrated its ability to successfully manage a large, complex, luxury property in Miami."
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