Fairmont to Invest $62 Million in East Africa Over Two Years | bloomberg.com
Fairmont Hotels & Resorts Inc., a Canadian hotel chain, will spend $62 million over the next two years refurbishing five inns in Kenya and expanding one on the Indian Ocean island of Zanzibar. The Toronto-based company, acquired by a group led by Saudi Prince Alwaleed bin Talal in 2006, will spend $15 million upgrading its flagship Norfolk Hotel in the Kenyan capital, Nairobi, said Sean Billing, Fairmont's managing director for the region. Fairmont will spend $35 million at its other outlets in Kenya, in addition to the $12 million that will be invested its Zanzibar resort.
