FRHI Hotels & Resorts and Blum Family Acquire Claremont Hotel Club & Spa in Berkeley, California

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. March 25, 2014

TORONTO - March 25, 2014 - FRHI Hotels & Resorts (FRHI), the parent company of luxury and upper upscale hotel brands Raffles Hotels & Resorts, Fairmont Hotels & Resorts and Swissotel Hotels & Resorts, together with California financier Richard C. Blum and his family, have purchased the historic Claremont Hotel Club & Spa in Berkeley, California, it was announced today. FRHI and the Blum family are equal partners and terms were not disclosed.

The purchase supports FRHI's growth strategy of acquiring strategic assets in key leading markets.

The new owners will begin work on a multi-million dollar capital investment project to update the hotel's facilities and enhance the Claremont's stunning architecture, while at the same time preserving and protecting the character and local charm of the Bay Area landmark. Once the revitalization work is complete, the hotel will join the Fairmont Hotels & Resorts collection, an unrivalled portfolio of hotels that includes famed landmarks such as New York's The Plaza and The Fairmont San Francisco.

"Growth continues to be one of our top priorities, so we are extremely excited to be adding an asset as attractive as the Claremont," said Kevin Frid, President, Americas, FRHI Hotels & Resorts. "We see this as an opportunity to grow one of our leading brands with the right product, in the right market, and firmly believe the hotel is a perfect complement to many of the other celebrated hotels in the Fairmont Hotels & Resorts portfolio."

"My family and I are pleased to participate in an investment in this iconic property. The Claremont is a true California treasure and its future can only be enhanced with the Fairmont imprimatur," Mr. Blum said.

Built in 1915, the Claremont offers 279 guestrooms and suites and is ideally situated at the base of the Claremont Canyon Regional Preserve, overlooking scenic San Francisco Bay. A grand hotel with a castle-like architecture, the hotel is rich in history and will mark its 100th anniversary in 2015. The property also includes a Social & Tennis Club with more than 1,500 loyal members who enjoy the hotel amenities, fitness facilities and healthy lifestyle programs. Club members are an essential part of the Claremont and contribute to the warmth and personality of the property.

The Claremont joins five other FRHI properties serving guests in California. They include The Fairmont San Francisco, The Fairmont San Jose, The Fairmont Sonoma Mission Inn & Spa, The Fairmont Newport Beach, The Fairmont Miramar Hotel & Bungalows in Santa Monica, and the Fairmont Heritage Place, Ghirardelli Square.

About FRHI Hotels & Resorts

FRHI Hotels & Resorts (FRHI) is a leading luxury hotel management company that operates more than 105 hotels globally under the Fairmont, Raffles, and Swissotel brands. The company's distinctive portfolio of luxury and upper upscale hotels features celebrated icons, world-class resorts and stylish city center hotels. Some notable hotels include the Raffles Singapore, Swissotel The Bosphorus, The Fairmont San Francisco and London's The Savoy. Focused on growing its distinctive hotel brands, the company is also developing new hotels in key locations around the world including exciting projects in China, Russia, India, Turkey and Saudi Arabia. The company also manages Fairmont, Raffles and Swissotel branded luxury private residence clubs, whole-ownership residences and serviced residences properties. For more information or reservations, please visit frhi.com.