The entity has drawn up a list of about 15 target properties for sale. Possible disposals include the Fairmont Banff Springs in the Rocky Mountains and the Fairmont Acapulco Princess in Mexico.
A Fairmont source says RFH is looking at sale/leasebacks or sale-and-management contracts and that Jones Lang LaSalle, Eastdil and Colliers have all been appointed to sell the hotels. The source declined to say how many hotels may go on the block, but one agent says Fairmont had discussed selling all of its assets in order to switch focus and turn to hotel management. The Fairmont source stressed that disposals were part of a continuing strategy of "releasing capital to fund expansion."
RFH has 120 properties in 24 countries. Some 49 of the assets are in North America, including the Fairmont San Francisco and the Fairmont Scottsdale Princess. Fairmont of course is not the first major hotel group seeking to raise capital through asset sales. InterContinental Hotels Group, Hilton Hotels Corp. and Starwood Hotels & Resorts have already released billions of dollars of capital tied to their hotels.
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