Suspended
Join Date: Jan 2010
Location: Calgary, Alberta
Programs: Hyatt Diamond, Fairmont Platinum, Aeroplan Diamond, HHonors Gold, SPG Gold
Posts: 18,686
It appears that their cost of their real estate investments in 2005 was 2.35 Billion, and their cost of their RE intestments in 2006 was 4.70 billion. However, 3 investments were made, so can't find the price paid. (I am sure it is publically available, but im being lazy)[/QUOTE]
I remember the Sheik owning the properties, and divesting to Ontario Teachers Pension. So it wasn't that the Sheik didn't buy it.. he did, but I guess he wanted to own the reservation rights, and unloaded the properties.
No kidding, each hotel has like a 50 year management agreement with Fairmont at least. Fairmont also divested Kea Lani and Orchid down the line.. and for those who didn't know, Kea Lani is on land that was initially a 99 year leasehold agreement. Kea Lani building will eventually have to be given back.