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Fairmont to manage newly acquired Grand Del Mar

Fairmont Hotels & Resorts has announced that it will take over management of the 249-room Grand Del Mar in San Diego after private equity firm Blum Capital and Fairmont’s parent company, FRHI Hotels & Resorts, acquire an 88% share of the resort valued at US$230 million.

Under a long-term agreement, Blum Capital will take majority ownership of the resort and Fairmont will oversee day-to-day operations of the property. Seller Manchester Financial Group will retain a 12% interest in the hotel and FRHI Hotels & Resorts will hold a minority interest.

Fairmont will also be managing Manchester Texas Financial Group’s new 1,066-room convention hotel in Austin, due to open in June of 2017.

San Diego's Grand Del Mar will soon be managed by Fairmont Hotels & Resorts.
San Diego’s Grand Del Mar will soon be managed by Fairmont Hotels & Resorts.

Blum, the husband of U.S. Senator Dianne Feinstein (D-California), partnered last year with Toronto-based FRHI to purchase the Claremont Hotel Club & Spa in Berkeley.

“We’re extremely pleased to be adding an asset of this caliber to our hotel collection,” said William Fatt, chairman and CEO of FRHI. “We’ve aligned with some great partners.”

“The acquisition of the Grand Del Mar aligns with our investment strategy and perfectly complements Fairmont’s unrivaled portfolio of hotels in the California market and abroad,” said Richard Blum, chairman and president of Blum Capital. “We look forward to showcasing this remarkable asset to an even greater audience.”

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