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TORONTO-Fairmont Hotels & Resorts Inc. is investing $10 million in a new 401-room luxury resort 40 miles south of Cancun that it will manage for developer Obrascon Huarte Lain SA of Spain. The investment will give the locally headquartered international hotel company a 15% stake in the resort as well as the option to participate in an adjacent vacation ownership development.The Fairmont Mayakoba is being developed as part of the Mayakoba master planned community, which encompasses approximately 1,605 acres near Playa de Carmen, Mexico, on the 112 miles of coastline known as the “Mexican Caribbean.” Located on the Tulum corridor in the province of Quintana Roo, the growing tourist destination is known for its pristine beaches, lush jungle, Mayan ruins, diving and snorkeling.The hotel itself will be located in the heart of the tropical jungle and around the area’s natural interior lagoons. Guestrooms and suites will be in 97 two-story units set in clusters throughout the jungle, including 33 one-, two- and three-bedroom casitas, some with ocean views. In addition, the hotel will offer approximately 30,000 sf of meeting space. Amenities include a spa, three restaurants, a 10,000-sf swimming pool and access to a Greg Norman-designed golf course that is part of the master-planned community.Obrascon Huarte Lain is a Madrid-based international construction and development company. The company is one of the largest construction and services groups in Spain and a major contractor in Mexico and South America. It is publicly listed on the Spanish stock exchange. Fairmont’s portfolio includes 83 luxury and first-class properties with more than 33,000 guestrooms in the United States, Canada, Mexico, Bermuda, Barbados and the United Arab Emirates. It holds an 83.5% controlling interest in Fairmont Hotels Inc., North America’s largest luxury hotel management company, as measured by rooms under management. In addition to hotel management, FHR holds real estate interests in 23 properties and an approximate 35% investment interest in Legacy Hotels Real Estate Investment Trust, which owns 24 properties.

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