Fairmont acquired the hotel in 2002 for $140 million. The sale is resulting in a pre-tax profit of $109 million that it expects to invest in other hotel assets. In addition, Fairmont will continue to derive income from the property as its long-term manager.
Fairmont CEO William Fatt says the hotel showed solid growth in operating performance during its ownership. Westbrook managing partner Paul Kazilionis sees room to create additional value, saying the company's experience with residential development on the Big Island "allows us to explore creative ways to maximize value at this property."
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