Fairmont Hotels & Resorts Inc. has sold The Fairmont Glitter Bay in Barbados to a group of investors for approximately $31 million…
Fairmont Hotels & Resorts Inc. has sold The Fairmont Glitter Bay in Barbados to a group of investors for approximately $31 million, or $620,000 per room, resulting in an after tax gain of about $8 million. The new owners intend to renovate and develop the property. The resort continues to be managed by FHR as The Fairmont Glitter Bay.
In 1998, we acquired our initial interest in The Fairmont Glitter Bay as part of the Princess Hotels transaction. The property`s size, its need for renovation and the complicated ownership structure with privately-owned condominiums precipitated this sale, commented William R. Fatt, Chief Executive Officer of FHR.
We will maintain ownership of the recently renovated Fairmont Royal Pavilion on the fabled Gold Coast in Barbados as well as the adjacent block of undeveloped beach front land, which has significant future development potential.
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