Exhibit 99.6

Reconciliation to United States Accounting Principles for the three months ended March 31, 2005

The consolidated financial statements of Fairmont Hotels & Resorts Inc. ("FHR" or the "Company") have been prepared in accordance with Canadian Generally Accepted Accounting Principles ("GAAP"). The material differences affecting the Company between Canadian GAAP and United States ("U.S.") GAAP relating to measurement and recognition are explained below. Condensed Financial Statements disclosed below have been prepared in accordance with U.S. GAAP.

The following is a reconciliation of net loss under Canadian GAAP to net loss under U.S. GAAP:

Reconciliation of Net Loss (unaudited)

		Three months ended March 31, 2005			Three months ended March 31, 2004
Net loss under Canadian GAAP	$	(4.0	)	$	(0.6	)
Increased (decreased) by
Pension accounting and post-retirement benefits		(0.4	)		(0.4	)
Variable interest entities		-			(0.3	)
Stock-based compensation		0.5			-
Accretion on convertible senior notes		0.9			0.9
Adjusted net loss before taxes		(3.0	)		(0.4	)
Future income tax expense on above items		0.2			0.1
Net loss under U.S. GAAP	$	(3.2	)	$	(0.5	)

Statement of Comprehensive Loss

Net loss under U.S. GAAP	$	(3.2	)	$	(0.5	)
Other comprehensive income (loss)
Foreign currency translation adjustments		(0.5	)		(3.5	)
Minimum pension liability adjustment		-			(0.4	)
Deferred income taxes		-			0.2
Comprehensive loss	$	(3.7	)	$	(4.2	)

Summarized consolidated balance sheets, statements of operations and statements of cash flows under U.S. GAAP are as follows:

Summarized Consolidated Statements of Operations (unaudited)

		Three months ended March 31, 2005			Three months ended March 31, 2004
Revenues
Operating revenues	$	168.7		$	275.8
Other revenues from managed and franchised properties		10.6			7.9
		179.3			283.7
Expenses
Operating expenses		140.5			228.3
Other expenses from managed and franchised properties		10.6			8.1
Depreciation		16.5			32.9
		167.6			269.3
Loss from equity investments		5.9			1.1
Interest expense, net		6.3			24.3
Loss before tax expense and non-controlling interest		(0.5	)		(11.0	)
Income tax expense		2.7			3.3
Non-controlling interest		-			(13.8	)
Net loss	$	(3.2	)	$	(0.5	)
Basic loss per common share	$	(0.04	)	$	(0.01	)
Diluted loss per common share (note 8)	$	(0.04	)	$	(0.01	)

Summarized Consolidated Balance Sheets

		March 31,		December 31,
		2005		2004
		(unaudited)
Assets
Cash and cash equivalents	$	66.4	$	99.1
Other current assets		103.9		116.9
Property and equipment		1,437.8		1,435.5
Other assets		876.6		825.2
		2,484.7	$	2,476.7
Liabilities and Shareholders' Equity
Current liabilities	$	159.4	$	163.8
Current portion of long-term debt		4.1		4.1
Long-term debt		545.9		499.9
Other liabilities		106.2		103.5
Non-controlling interest		-		-
Deferred income taxes		89.4		90.3
		905.0		861.6
Shareholders' equity		1,579.7		1,615.1
	$	2,484.7	$	2,476.7

Statement of Shareholders' Equity

		March 31,		December 31,
		2005		2004
		(unaudited)
Common shares
75,274,773 shares outstanding (December 31, 2004- 76,393,348 shares)	$	1,146.6	$	1,163.1
Treasury stock		-		(5.6	)
Contributed Surplus		144.3		144.6
Retained earnings		157.0		180.7
Accumulated other comprehensive income		131.8		132.3
	$	1,579.7	$	1,615.1

Summarized Consolidated Statements of Cash Flows (unaudited)

		Three months ended March 31, 2005			Three months ended March 31, 2004
Cash provided by (used in)
Operating activities
Net loss	$	(3.2	)	$	(0.5	)
Items not affecting cash
Depreciation		16.5			32.9
Loss from equity investments		5.9			1.1
Deferred income taxes		(1.6	)		1.2
Non-controlling interest		-			(13.8	)
Unrealized foreign exchange gain		(0.2	)		-
Distributions from investments		1.7			-
Other		(0.6	)		3.9
Changes in non-hotel real estate		3.0			0.1
Changes in non-cash working capital items		13.2			14.8
		34.7			39.7
Investing activities
Additions to property and equipment		(26.6	)		(23.5	)
Proceeds from sale of property and equipment		8.7			-
Investments in partnerships and corporations		(4.2	)		-
Issuance of notes receivable		-			(5.0	)
Collection of loans receivable		-			8.8
Issuance of loans receivable		(31.6	)		-
Investments in intangible assets		(22.8	)		-
Other assets		-			(11.8	)
		(76.5	)		(31.5	)
Financing activities
Issuance of long-term debt		48.6			110.5
Repayment of long-term debt		(3.5	)		(65.9	)
Issuance of common shares		1.4			0.3
Net repayment of loan to affiliate		-			(8.8	)
Dividends paid		(4.6	)		(3.2	)
Repurchase of common shares		(32.8	)		-
Increase in bank loans		-			12.9
		9.1			45.8
Effect of exchange rate changes on cash		-			1.1
Increase (decrease) in cash		(32.7	)		55.1
Cash and cash equivalents - beginning of period		99.1			31.7
Opening cash effect due to the consolidation of Legacy		-			14.6
Cash and cash equivalents - end of period	$	66.4		$	101.4

Notes to Reconciliation to United States Accounting Principles (unaudited)

1. Pension accounting

In a prior year, the Company prospectively changed its Canadian GAAP accounting policy for defined benefit pension plans. As a result of this change, all unamortized gains and losses, including prior service costs, were accumulated into a net transitional asset which is being amortized into income over 11 years, the expected average remaining service life of the employees covered by these plans. Under U.S. GAAP, there was no change in accounting policy and, hence, there is no net transitional asset to be amortized. As a result, the amount of unamortized actuarial gains and losses is different for U.S. and Canadian GAAP.

Under Canadian GAAP, a valuation allowance has been provided for on certain pension assets whereas under U.S. GAAP, no valuation allowance has been provided.

Under U.S. GAAP, the Company is required to record a minimum pension liability, representing the unfunded accumulated benefit obligation. Accordingly, included in both current liabilities and other assets under U.S. GAAP is an additional amount, which cannot be recorded under Canadian GAAP.

2. Post-retirement benefits

Post-retirement benefits other than pensions are covered by the Canadian Institute of Chartered Accountants (“CICA”) recommendations for accounting for employee future benefits. Consistent with accounting for post-retirement benefits, under Canadian GAAP, the Company amortizes actuarial gains and losses over the average employee service life when such gains and losses exceed 10% of the plan obligation. Under the Financial Accounting Standards Board (“FASB”) Statement No. 112. “Employers’ Accounting for Post-employment Benefits”, such gains and losses are included immediately in income.

3. Stock-based compensation

Under FASB Interpretation No. 44 “Accounting for Certain Transactions Involving Stock Compensation”, compensation expense using variable accounting must be recorded if the intrinsic value of stock options is not exactly the same immediately before and after an equity restructuring. In a prior year, FHR underwent an equity restructuring, which resulted in replacement options in new FHR stock having a different intrinsic value after the restructuring than prior to the restructuring. Canadian GAAP does not require revaluation of these options.

Under Canadian GAAP, effective January 1, 2003, the Company prospectively adopted the new recommendations of the CICA with respect to accounting for stock-based compensation. This standard requires that compensation expense be recognized in the consolidated statements of income using the fair value based method for stock options granted in 2003 onward. Under U.S. GAAP, the Company follows the intrinsic value method of Opinion No. 25 of the Accounting Principles Board. No stock-based compensation cost is reflected in net income under U.S. GAAP as all options granted to employees under these plans have an exercise price equal to the fair value of the underlying common stock on the date of the grant.

If the methodology prescribed by FASB Statement No. 123, “Accounting for Stock-Based Compensation” (“FAS 123”), had been adopted, pro forma results for the three months ended March 31 would have been as follows:

		Three months ended March 31, 2005			Three months ended March 31, 2004
U.S. GAAP net loss as reported	$	(3.2	)	$	(0.5	)
Increase in stock-based compensation if FAS 123 had been adopted		0.7			1.1
Adjusted net loss		(3.9	)		(1.6	)
U.S. GAAP basic loss per common share
As reported	$	(0.04	)	$	(0.01	)
Adjusted	$	(0.05	)	$	(0.02	)
U.S. GAAP diluted loss per common share
As reported	$	(0.04	)	$	(0.01	)
Adjusted (1)	$	(0.05	)	$	(0.02	)

(1) The calculation of adjusted diluted loss per common share for the three months ended March 31, 2005 and 2004 excludes stock-based compensation as the impact of these exercises would be anti-dilutive.

The weighted average fair value of common shares granted in the three months ended March 31, 2005 at the time of grant was Cdn $10.99 (2004-Cdn$7.52). The fair value of common share options granted is estimated at the grant date using the Black-Scholes option-pricing model. Pro forma stock-based compensation expense for a particular year is not necessarily indicative of expenses to be incurred in future years.

4. Convertible senior notes

Under Canadian GAAP, obligations relating to the convertible senior notes have been allocated between debt and equity elements and classified separately on the balance sheet. The amount recorded in debt will increase by accretion to the face value of the debt over a five-year period. Under U.S. GAAP, the entire principal amount of the notes was recorded as long-term debt upon inception and therefore, accretion of the long-term debt is not required.

5. Variable interest entities

In January 2003, the FASB issued Financial Interpretation (“FIN”) 46, “Consolidation of Variable Interest Entities” (“VIEs”), in an effort to expand and clarify existing accounting guidance that addresses when a company should include in its financial statements the assets, liabilities and activities of another entity. For U.S. GAAP, FIN 46 was effective immediately for all enterprises with variable interests in VIEs created after January 31, 2003 and January 1, 2004 for all previously existing variable interest entities. Under FIN 46, if an entity is determined to be a variable interest entity, it must be consolidated by the enterprise that absorbs the majority of the entity’s expected losses if they occur, receives a majority of the entity’s expected residual returns if they occur, or both. On December 24, 2003, the FASB issued a revised FIN 46, defined as FIN 46R. The CICA has issued a standard similar to FIN 46, that applies to annual and interim periods beginning on or after November 1, 2004.

Commencing January 1, 2004, for U.S. GAAP purposes, the Company was required to consolidate the accounts of all VIE's for which it is the primary beneficiary, as required by FIN 46R. For Canadian GAAP purposes the Company adopted provisions similar to FIN 46R commencing January 1, 2005. As a result, effective January 1, 2004, the Company commenced consolidating the accounts of Legacy Hotels Real Estate Investment Trust ("Legacy") for U.S. GAAP purposes. The Company also reviewed its other management agreements related to hotels that the Company has no other investments in and concluded that such arrangements were not variable interests since the company is paid commensurate with the services provided and on the same level as other operating liabilities and the hotel owners retain the right to terminate arrangements. The consolidation of Legacy, commencing January 1, 2004, had no effect on the Company's consolidated net income or shareholders' equity.

On September 13, 2004, FHR sold 12,000,000 units in Legacy reducing its ownership interest to approximately 23.7%. After this disposition of units, FHR is no longer the primary beneficiary of Legacy and accounts for its investment under the equity method. The Company's comparative U.S. GAAP results of operations for the quarter ending March 31, 2004 include the consolidated results of Legacy from January 1, 2004 to March 31, 2004.

6. Comprehensive income

U.S. GAAP requires the disclosure, as other comprehensive income, of changes in equity during the period from transactions and other events from non-owner sources. Canadian GAAP does not consider comprehensive income. Other comprehensive income includes foreign currency translation adjustments and minimum pension liability adjustments.

7. Long-term advances and long-term debt

FHR and Legacy have entered into reciprocal loan agreements, which under Canadian GAAP, meet all the requirements for a right of offset. Under Canadian GAAP, these loans have been presented on a net basis in the consolidated balance sheet. Under U.S. GAAP, these loans do not qualify for offsetting and are presented separately on the consolidated balance sheet.

8. Diluted earnings per common share

The Emerging Issues Task Force issued new accounting guidance, issue 04-08 (“EITF 04-08”), regarding the computation of diluted earnings per share. This guidance requires the inclusion of contingently convertible debt securities with a market price trigger to be included in the computation of diluted earnings per common share, as determined under the if-converted method. Canadian GAAP does not have similar guidance. EITF 04-08 is effective for fiscal periods ending on or after December 15, 2004 with retrospective restatement of previously reported earnings per share.

	2005		2004
U.S. GAAP Net loss, as reported	(3.2	)	(0.5	)
Interest Expense Adjustment	1.7		1.7
Adjusted net earnings (loss)	(1.5	)	1.2
Canadian GAAP diluted common shares outstanding	76.9		79.9
Dilutive effect of contingently convertible notes	7.2		7.2
Adjusted diluted common shares	84.1		87.1
U.S. GAAP diluted earnings (loss) per common share (1)	(0.04	)	(0.01	)

(1) The calculation of diluted loss per common share for the three months ended March 31, 2005 and 2004 excludes stock options and the effect of contingently convertible notes as their impact would be anti-dilutive.