The Fairmont hotel chain is considering fractional ownership units similar to those at Tucker?s Point, Fairmont Southampton Hotel general manager Norman Mastalir revealed yesterday.

However the hotel chain is nowhere near making a decision, he added, saying that other options for the best utilisation of land at the company?s two hotel properties on the Island are also being considered.

In the Fairmont annual report released last month, a section on real estate development outlined some plans for Fairmont Heritage Place (FHP), the ?vacation ownership product? at Fairmont.

The report announced that the first ten of 50 planned residences on a Fairmont property in Acapulco were opened in September, while planning and sales efforts are also underway for FHP Barbados (a 26-residence oceanfront complex next to the Fairmont Royal Pavilion).

?Future vacation ownership development opportunities exist in Scottsdale, Bermuda and Hawaii,? the report stated.

Yesterday, Mr. Mastalir (pictured) likened the developments to the fractional ownership scheme at Tucker?s Point. The units, if built, would be for visitors and vacationers to the Island, not to be put on the housing market, he said.

The Canadian corporation is in the process of reviewing development opportunities at both the Fairmont Southampton and the Fairmont Hamilton Princess, he said ? particularly at the Fairmont Southampton, which has more land available for development.

While the FHP option is one option, no announcements have been made ? and may not be made for 12-18 months.