Fairmont Reports Loss In 3Q

TORONTO— Fairmont Hotels & Resorts reported that for the third quarter ended September 30, 2001, revenues from continuing operations were $154.8 million, down 6.4% from $165.3 million in the same quarter of 2000. EBITDA for the quarter was $56.4 million, down 28.7% from $79.1 million in the third quarter of 2000. This decline was mainly a result of the terrorist attacks on the United States, exacerbated by the weakness in the North American economy, said the company. William Fatt, CEO/Fairmont said, “Prior to the terrorist attacks, FHRs portfolio was down less than 2% in RevPAR compared to the same period in 2000. Shortly after these events, Fairmonts RevPAR dropped approximately 45% from performance levels prior to September 11th. Since that time… RevPAR [has rebounded]to within 15-20% of pre-attack levels.” FHR expects the balance of 2001 to remain challenging and estimates that its EBITDA for the year will be in the range of $155 to $165 million, or $5 to $15 million in the fourth quarter, compared to $195 million and $30 million for the full year and fourth quarter of 2000, respectively.