TORONTO Fairmont Hotels & Resorts has acquired the outstanding 51% ownership of the 75-room Fairmont Royal Pavilion and the 67-room Fairmont Glitter Bay in Barbados from Michael Pemberton, majority shareholder of Pemberton Princess Hotels Ltd.
As previously reported by HOTEL BUSINESS., this annoucement comes shortly after the companys signing of a letter of intent to manage a new $140 million, 400-room resort in Puerto Rico and represents Fairmonts effort to consolidate its position in the Caribbean market. (1/12/01)