Fairmont to Manage a 126-unit Fairmont Residence Club in Indian Wells, CA
TORONTO, December 1, 2005 - Fairmont Hotels & Resorts Inc. ("Fairmont" or the "Company") today announced that it has entered into an agreement with Miles Avenue Development, LLC ("Miles") to manage a luxury condominium residential development in southern California. The 129 residences will be built on a 20-acre site in the exclusive community of Indian Wells, California. The Fairmont Residences, Indian Wells is scheduled to open in December of 2007 with sales activities beginning in the second quarter of 2006.
"This is a great opportunity for Fairmont to participate in a development within a growing affluent community where our brand recognition is significant. The project meets a number of our strategic objectives - brand expansion and additional sources of income with attractive returns," said William R. Fatt, Fairmont's Chief Executive Officer. "We are also pleased to once again be working with Lew Wolff, a long standing partner of Fairmont's, and are excited about our new relationship with Jerry Fogelson, a leading Chicago-based residential developer. We hope this project will be the first of many development opportunities with Miles."
Lew N. Wolff, Principal of Miles commented, "Our goal was to seek a partner who would provide a premium hospitality brand identity and a high- quality product commensurate with the overall development and surrounding community. Located adjacent to a high-end retail site and two championship golf courses, the Fairmont residences will provide the perfect complement to our project." Continued Mr. Wolff, "Fairmont was the obvious partner, based on our knowledge of the Company's brand and product standards, as well as our positive working relationship with the Fairmont team on other projects."
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