>Fairmont Sells 40% To Boost Brand Globally

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>TORONTO – Fairmont Raffles Hotels International Inc., the Toronto-based luxury hotel chain, has issued US$467-million worth of new shares to Cayman Islandsbased Voyager Partners Ltd. in a strategic move to align itself with cash-rich investors in the hotel-property sector.

Fairmont Raffles, which is emerging from a particularly bad slump in the luxury hotel business, is recapitalizing to repay some of its debt and is seeking to build its brand by adding new management contracts.

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