I did this at the Mont Tremblant a couple times back in 2013. It participated then but isn't on the list now.
It seems that most of the participating Fairmont hotels do not have their own golf course, so it is not cannabalizing revenue, but does lower the effective cost of staying at a property by $20-30 or so. I am platinum in both Fairmont and SPG and that make help sway the decision at the margin.
It is interesting that the list still makes a reference to the Fairmont Acapulco Princess -- they had done a good job of scrubbing other references to the various recently deflagged hotels.