Fairmont Hotels & Resorts and Azinko Development M.M.C. has signed an agreement for Fairmont to manage a new 347-guest room luxury hotel property in the sparkling coastal city of Baku, Azerbaijan. Fairmont Baku is being developed by Azinko and is located on a prime site next to the Azerbaijan parliament buildings and overlooking the Caspian Sea.
This new iconic complex, the Flame Towers, will incorporate hotel, residential and commercial space and will be linked by centrally located retail and leisure facilities. Opening of the Fairmont Baku is planned for early 2011.
Fairmont, president, Thomas W. Storey said: “This agreement allows Fairmont to establish an unmatched presence among the economic rebirth of an historic and important region. With the acceleration of Baku’s oil and natural gas-rich economy and the growing demand for business and leisure hospitality, we feel Azerbaijan is an ideal fit for the Fairmont portfolio of distinctive properties.”
