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[Ms. B. Havin]

Ok, not exactly post-worthy, but there are some little bits of actual information in the article, along with the refutation of what is apparently just a rumour: [url=http://www.canada.com/victoriatimescolonist/news/business/story.html?id=5746ad10-5bcd-45bf-aa98-df20512f4b79:c065e]Fairmont Empress Hotel sale appears to be just a rumour[/url:c065e].

Fairmont Empress Hotel sale appears to be just a rumour

Darron Kloster
Times Colonist

Wednesday, February 07, 2007

A hot rumour making the rounds that a Vancouver developer is in negotiations to buy the Fairmont Empress Hotel is just that -- a rumour, says Bob Pearce, development manager for Westbank Corp.

Pearce said yesterday although Westbank is building the Fairmont Pacific Rim in downtown Vancouver for the hotel chain, the company has "nothing more than a good building relationship with Fairmont."

The Empress, Victoria's iconic landmark on the Inner Harbour, is owned by Saudi prince Alwaleed bin Talal, the world's fifth richest man with a personal fortune of $24 billion US.

Colony Capital and Kingdom Hotels International, a Canadian company owned by the prince, rescued the Fairmont chain from a hostile takeover by American raider Carl Icahn in January 2006 with a bid of $45 per share -- more than double the $1.19 billion US that Icahn was offering.

The prince put 15 Fairmont Properties up for sale last June -- The Empress was not among them -- and unloaded seven, including the former Canadian Pacific castles Chateau Lake Louise and Banff Springs, to Oxford Properties, the real estate investment arm of the Ontario Municipal Employees Retirement System.

Fairmont Raffles Holdings, Prince Alwaleed's company that owns and operates Fairmont hotels, is keeping mum on the status of the remaining properties, including The Empress. Sources say the company is still entertaining the idea of selling off all of its assets in order to focus on managing the properties and off-load the expenses associated with owning the buildings. Calls to Fairmont were not immediately returned yesterday.

(Emph. added) Edit: So... it could still change hands, no?

Westbank Corp. has more than $200 million in real estate projects in play in Victoria, including The Falls, an $80-million luxury condominium project downtown at Douglas and Humbolt streets slated for completion in 2008. Shutters, the 185-unit curved condo project in the Songhees, will be ready for occupancy in March. Completion was delayed a month, said Pearce, as the spate of bad weather in December and January hampered exterior work. Westbank's other condo project, the $24-million Parc Residences in Vic West was completed in 2005.

(snip...)

Phone: 380-5235 Fax: 380-5353 E-mail: mailto:dkloster@tc.canwest.com
© Times Colonist (Victoria) 2007