Ancien Maestro

So theres like another 15 Fairmonts being built right now.. Is Colony Capital doing these? Who's building 'em.. It's like a huge recession out there, and new Fairmonts are popping up faster than ever.

Cascadia

Not really. Almost all of these projects were started well before the recession. In fact several projects have been put on hold including Macau, Puerto Rico, Idaho, and a few in the Middle East and Africa. As well some Heritage Place projects have been put off including Whistler, Victoria, Maine, and I am sure many others I have not heard about.

It has been over a year and a half since a new Fairmont has been announced.

Ancien Maestro

Thanks for the scoop.. interesting Fairmont is still advertising these as future, with yearly expected opening dates. It makes sense that they would put alot of these projects on hold because of the recession.. I'm surprised they didn't anounce these delays.

Wow.. Its' amazing how many properties they got going before the brakes slammed. Who was the braintrust behind the aggressive development of new Fairmonts?

CanuckFlyHigh

Colony Capital is behind this.

Ancien Maestro

What's their strategy?

Cascadia

Most of these new hotels were in the works long before Colony Capital came along. The only new ones that are directly related to Colony's take over are the rebranded Raffles properties, India, and some in China. The Prince's influence has been a big part of Fairmont's growth since the take over of Fairmont by CP Hotels. He was a large shareholder long before he struck a deal with Colony to buy the entire group.

Ancien Maestro

Great.. The prince is out of the loop, and Colony seems to be stuck in the mud.. Raffles and Swissotels is a nice add, hopefully amalgamate the program to work at all chains. Hopefully Colony Capital will be able to make these half developed work. If I'm not mistaken, 7 hotels are coming online this year, so can't be half that bad.. Should be more coming along, or did Colony totally stall the developments?

CanuckFlyHigh

Keep in mind, Fairmont still has a large executive team, that make many desicions.

CHIC SILBER

All property and businesses in Monaco are half owned by the

principality under 1 or more of their company names such as

"SBM" Societe Des Bains De Mer

Cascadia

Colony did not stall anything. The individual owners of each property have stalled their projects. Only a small handful of the properties have Colony or the Prince as an owner / investor.

CanuckFlyHigh

I think you are misinformed. Prince owns Kingdom hotels, which owns Colony, which owns ALL fairmonts except the 7 canadian properties discussed in this thread above which are owned by OMERS.

Ancien Maestro

Dude.. Fairmont should creat a corporate Family Tree.. That way we can look it up and not be confused..... and figure out who we're feeding when we're staying at these nice hotels.

God Bless OMERS and the Ontario Pension Plan, cause I probably stay at their hotels more than any others.

Cascadia

Not true. The Prince and Colony are 50/50 partners in Fairmont Raffles. The Prince does not own Colony Capital.

Almost all properties were divested with Fairmont Raffles only retaining mgmt contracts. The exception to this are the new properties in Kenya and the new Fairmont in downtown Cairo which the Prince owns. The Prince is also the developer of the new Fairmont and Raffles in Manila. Colony owns the Fairmont Orchid (I think) which was sold off to them prior to the jv. The old Princess Resort properties may still be with Fairmont Raffles Company too. I just have not heard if they were sold off or not.

Several properties were owned by Legacy REIT prior to the jv. I can't remember who took that REIT private. The Ontario Teachers Union? Anyone know?

CanuckFlyHigh

You are right on this, except we do not know that it is 50/50.

"Fairmont Hotels & Resorts Inc. (“Fairmont” or the “Company”)(TSX/NYSE: FHR) today announced that it has entered into an Acquisition Agreement whereby a Canadian company owned by Kingdom Hotels International (“Kingdom”) and Colony Capital (“Colony”) will acquire all of Fairmont’s outstanding common shares at a price of US$45.00 per share in cash. The total value of this transaction, including debt and the combination with Raffles, is expected to be approximately US$5.5 billion (or US$3.9 billion, without giving effect to the Raffles combination). "
sourcE: http://www.colonyinc.com/articles/ne...s_fairmont.txt

You are incorrect. As you can see, Colony bought all Fairmont properties, but the 7 listed in the sources I posted above that are owned by OMERS.


As you can read in this thread, OMERS owns 7 Canadian properties.

Source? You are saying Kingdom Hotels owns some, and Colony owns others? The source I quoted says they are partners in a newly formed canadian company that was created for the Fairmont acquisition. I am not saying you are wrong, just looking for sources, as I did a little bit of research on this last week and would respectfully disagree with you.

As to the new properties, I am unsure who owns them, but will nor argue with you, as i haven't reserached it at all so you are probably right.

300rwhp

Nile City is managed by a company called Fairmont dubai Holdings out of bermuda. The Owner is Nile City for Hotels and Tourism Ltd..

The Kenyan hotels are managed by the same company as above.