4Hoteliers
SEARCH
SHARE THIS PAGE
NEWSLETTERS
CONTACT US
SUBMIT CONTENT
ADVERTISING
Groundbreaking of the Fairmont Coco Beach Resorts in Puerto Rico.
Tuesday, 10th June 2003
Source : Fairmont Hotels & Resorts
- Fairmont to Manage New Resort Set to Open Late 2005 -

Fairmont Hotels & Resorts Inc. announced that the company has entered into an agreement with Betteroads Asphalt Corporation ("Betteroads") to manage a new $152 million, 416-room resort on Puerto Rico's Rio Grande, 25 miles east of San Juan. In acquiring the long-term management contract, FHR will also invest approximately $9.5 million for a minority equity interest in the property at the time of its opening.

Hotel Development Corporation and Tourism Development Fund, both Puerto Rican government entities, are investment participants in this project. FHR has the option to participate in the development of a vacation ownership property on a 20-acre parcel of land adjacent to the resort.

Construction of the resort is to begin in the fall of 2003, with a projected opening for late 2005. The Fairmont Coco Beach Resort will consist of 416 guestrooms including villas, 30,000 square feet of meeting space, a 12,000 square foot Willow Stream spa and a 6,000 square foot amenity casino. Guests will have access to 36 holes of golf located within the resort. This property will expand Fairmont Hotels & Resorts' collection to 42 properties in the United States, Canada, Mexico, Caribbean, Bermuda and the United Arab Emirates.

"FHR has been actively seeking strategic growth opportunities to increase its luxury portfolio," comments William R. Fatt, chief executive officer of FHR. "Our portfolio has a significant resort component and this project allows us to build on our presence in the Caribbean, in a desirable tourism destination. In addition, the resort provides us an opportunity to expand Willow Stream, Fairmont's spa brand." Mr. Fatt continued, "The Fairmont Coco Beach Resort will be an excellent complement to Fairmont's portfolio, both for leisure and business guests."
 Latest News  (Click title to read article)




 Latest Articles  (Click title to read)




 Most Read Articles  (Click title to read)




~ Important Notice ~
Articles appearing on 4Hoteliers contain copyright material. They are meant for your personal use and may not be reproduced or redistributed. While 4Hoteliers makes every effort to ensure accuracy, we can not be held responsible for the content nor the views expressed, which may not necessarily be those of either the original author or 4Hoteliers or its agents.
© Copyright 4Hoteliers 2001-2025 ~ unless stated otherwise, all rights reserved.
You can read more about 4Hoteliers and our company here
Use of this web site is subject to our
terms & conditions of service and privacy policy