Kingdom Hotels International, owned by a trust for Saudi Prince Alwaleed bin Talal bin Addulaziz Alsaud and his family, will partner with Colony Capital, headed by chairman and CEO Thomas J. Barrack, to acquire Toronto-based Fairmont Hotels & Resorts Inc. (TSX/NYSE: FHR), adding the firm's 87 properties to those already owned by Kingdom Hotels and Colony Capital to create a global luxury hotel chain with 120 hotels in 24 countries.