We need Fairmont – an iconic global brand
While not seeing it reported in our local press up to the time this column was submitted, I noticed a recent media release announcing the sale of Fairmont Royal Pavilion by its owners Quebec-based Ivanhoe Cambridge – a global real estate company with a quoted property portfolio value of CDN$40 billion across 20 countries.
In turn, Ivanhoe Cambridge is a subsidiary of one of Canada’s leading institutional pension fund managers.
What immediately stood out of this particular sale was the description ‘set on more than 17 acres of landscaped tropical gardens’.
With only 72 hotel rooms and a three bedroom villa, even when fully occupied (150 persons) that would give a staggering almost 5,000 square feet of land space for each guest.
If you are trying to visualise that, then just think before any additional land is purchased or room stock added, Sandals Casuarina currently offers around 778 square feet per guest.
The sales price was not publicly disclosed, but it appears absolutely apparent that the new owners will be seeking to increase the number of rooms either in a hotel model or villa accommodation to justify the acquisition.
Only time will tell if we will lose another international brand with a worldwide reputation for excellence, and what if any effects there will be on any planned closure and the ultimate long term benefit – as and when any enhanced plant re-opens sometime in the future. Continue reading