Fairmont sells Glitter Bay property

TORONTO -- Fairmont Hotels & Resorts sold the Fairmont Glitter Bay in Barbados to a group of investors for approximately $31 million.

The resort continues to be managed by Fairmont as the Fairmont Glitter Bay. The new owners intend to renovate and further develop the property.

William Fatt, Fairmont's CEO, said the hotel company would maintain ownership of the recently renovated Fairmont Royal Pavilion in St. James, Barbados, "as well as the adjacent block of undeveloped beachfront land, which has significant future development potential."

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