TORONTO Fairmont Hotels & Resorts has signed a letter of intent with Willowbend Development Corp. of Boston and Betteroads Asphalt Corp. of San Juan, Puerto Rico, to manage a new $140 million, 400-room resort on Puerto Ricos Rio Grande. Construction of the resort is scheduled to begin in mid-2001, with a projected opening of fall 2003.
The resort will feature a 12,000 square-foot spa, 36 holes of golf and 30,000 square feet of meeting space. Each guestroom will offer a balcony and view of the ocean. Many rooms will also feature views of El Yunque, the Puerto Rican rainforest. (1/10/01)