TORONTO — The hotel industry was saddened to learn earlier last week of the passing of William R. (Bill) Fatt, who for many years helmed Fairmont Hotels & Resorts and its precursor, CP Hotels & Resorts.
“Bill Fatt was a consummate business leader, with the background, financial knowledge and overall gravitas to take on big challenges and turn them into successes” says Keith Creel, CP president and Chief Executive Officer. “He wasn’t afraid to take risks and learn from his successes and mistakes. Bill’s advice and counsel were invaluable to so many and he will be sincerely missed.”
Fatt joined the CP board in September 2016 and served as Chair of the Finance Committee and a member of the Audit Committee before resigning for health reasons in November 2017. Earlier in his career, Fatt served as CP’s Chief Financial Officer before taking the helm of Canadian Pacific Hotels and eventually becoming CEO of Fairmont Hotels & Resorts Inc. on January 1, 1998, a company CP Hotels acquired during his tenure.
During his time as president of CP Hotels, Fatt was responsible for the transformation of the railway hotel company. He was also vice-chairman of Legacy Hotels Real Estate Investment Trust, which he helped create and then used as the vehicle to purchase 11 CP Hotels from the chain, spending millions to re-imagine and re-furbish these iconic Canadian properties. He was also responsible for purchasing the 35-property Delta-Hotels chain for $94 million as well as the Princess hotel chain.
“As Chief Financial Officer at CP, Chairman and Chief Executive Officer at Canadian Pacific Hotels and a board member at CP, Mr. Fatt made significant contributions to businesses that continue to impact many people,” says Isabelle Courville, Chair of CP’s Board of Directors. “I am sure I can speak for all who have worked with Bill when I say we are fortunate to have had the opportunity to know him.”
