A Touch of Royalty for Fairmont Hotels & Resorts

Fairmont Hotels & Resorts have been sold to a group of investors for $3.9 billion in cash. The owners are a newly formed Canadian company, headed by Saudi Prince Alwaleed bin Talal, owner of Kingdom Hotels International, and real estate investment fund Colony Capital of Los Angeles.

The owners will take control of the most famous Fairmont property –– Fairmont San Francisco –– built in 1907 atop Nob Hill from the ruins of the earthquake and fire that destroyed much of the city, plus the Fairmont San Jose, Fairmont Sonoma Mission Inn, as well as properties in Montreal, Quebec City, Vancouver and Toronto. In total, over 120 hotels in 24 countries will be part of the deal, including the heralded Raffles Holdings Ltd. in Singapore.

[Read the story.]