SONOMA -- Toronto-based Fairmont Hotels & Resorts today announced that it has completed a transaction to acquire The Fairmont Sonoma Mission Inn & Spa from Crescent Real Estate Equities Limited Partnership.
The 228-room luxury hotel had fallen into foreclosure last year after Crescent defaulted on a $55 million loan. Fairmont had been operating the hotel and resort since 2002 and had a 20 percent stake in the property
“We believe the timing is right to support strategic acquisition opportunities and fund future growth of our brand,” said Jennifer Fox, president of Fairmont Hotels & Resorts, which owns or operates 60 luxury properties around the world, including The Fairmont San Francisco.
“Our development team, through regional offices in Toronto, London, Zurich, Dubai, Singapore and Shanghai, has been actively seeking strategic expansion opportunities in a number of key locations throughout the United States as well as in Europe, the Middle East and Asia,” Ms. Fox said. “The markets are increasingly presenting very attractive opportunities and we want to ensure we are poised to take advantage and grow our luxury portfolio.”
Terms of the acquisition were not disclosed.
“We believe that acquiring, repositioning, and then securing long term management agreements when they are sold will allow us to more robustly grow our global portfolio of exceptional resorts and gateway city properties. With our strong presence in the California market, the historic home of the Fairmont brand, the purchase of the Fairmont Sonoma Mission Inn is an ideal demonstration of our strategy moving forward," Ms. Fox said.