Fairmont Announces Sale Of Vancouver Land To Westbank
VANCOUVER, September 15, 2005. Fairmont Hotels & Resorts Inc. (FHR) and Westbank, a Vancouver-based developer in partnership with Peterson Investment Group, today announced they have entered into a purchase and sale agreement for undeveloped land located in Coal Harbour, downtown Vancouver. Westbank has agreed to purchase the land for $58 million (C$68 million) from a joint venture 75% owned by FHR. Westbank plans to develop a hotel and residential condo project on the site. FHR has also entered into a long-term agreement to manage the hotel. The closing date for the land sale is anticipated to be no later than November 30, 2006.
Located across from the existing Vancouver Convention Center and adjacent to its planned expansion site, this development will include a 415-room luxury hotel and 200 residential condos. The hotel is expected to open in mid-2009, shortly after the expansion of the Vancouver Convention Center and before the 2010 Olympics. The hotel will be branded a Fairmont hotel and will showcase prime views of Stanley Park, the harbor skyline and North Shore Mountains.
"This real estate transaction completes the sale of the last significant block of undeveloped land in Vancouver and furthers Fairmont's strategy of expanding our management portfolio," said William Fatt, FHR's CEO. "This latest hotel will build on Fairmont's strong existing presence throughout Vancouver while strengthening the top segment of the market in a key gateway city."
FHR currently expects to recognize a gain of approximately $25 - $30 million (C$30 - C$36 million) on the land sale.
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