Maybe Fairmont owns OMERS.. and really the teachers pension will go up in smoke with the market.

The fact is, that some of these hotels have changed so many hands.. I wonder if its' because the owners who are stuck with these 50 or 100 year Fairmont agreements sell because the upside to the real estate is severely handicapped, and the only way out is to sell? Even the Sheikh, who once owned the Banff Springs, Lake Louise sold.. but I think in this case, he prepared iron clad 50 or 100 year agreements on each of the property, gets 20% of the cash flow from the properties managing the hotel, and eliminates the risk by divesting.. taking the money, buying other hotels.. putting on onerous 50 or 100 year Fairmont reservation agreements and then selling the hotels to other investors again.. This is a really good business model

The poor souls/corporations who acquire, and find out the mountain piles of obligations, and in a recession like this have to put in their own money to keep hotels afloat.. will have to bite the loss.. only way out? Sell the headaches.