Turnberry to Re-Acquire Florida Resort
AVENTURA, FL, December 17, 2005. Turnberry Associates will re-acquire the Fairmont Turnberry Isle Resort & Club. Turnberry originally built the property, but susequently sold it. The resort will retain its name and continue to be managed by Toronto-based Fairmont Hotels & Resorts under a new 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 property, including a renovation of the existing golf courses as well as a substantial improvement to the resort. In addition, Turnberry is planning additional residential development at the site.
In welcoming Turnberry back to the property, Fairmont CEO William Fatt noted the critical role Turnberry's founders had played in the development of the entire Aventura area and said this history would prove valuable in taking the resort to the next level of service and amenities.
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