Fairmont Hotels & Resorts sold three of
its resorts, including two in Acapulco, Mexico, to Seattle-based
Goodman Hospitality Investments for an undisclosed sum.
The three
properties that were sold are the Fairmont Acapulco Princess and
Fairmont Pierre Marques, both in Acapulco, and the Fairmont
Hamilton Princess in Bermuda.
Fairmont will
continue to manage the resorts, which will undergo
multimillion-dollar renovations.
In the case of the
two Acapulco properties, Goodman
Hospitality will invest approximately $50 million to
renovate them and build a conference center at the Fairmont
Acapulco.
An initial $30
million investment will be made to renovate the rooms and remodel
the properties by December.
An additional $20
million will be spent to renovate two golf courses and build a new
golf clubhouse.
According to
published reports, Goodman will pump in about $20 million to
renovate the Bermuda property.
Plans call for
renovations and upgrades to all guest rooms and refurbishing all
public spaces. Renovations are expected to last 18 to 24 months,
the reports said.
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