Press Release: Four Seasons Hotels Inc.
October 8, 2001
TORONTO -- Four Seasons Hotels Inc. (NYSE:FS; TSE:FSH.) Friday announced that The Toronto Stock Exchange has accepted
the Company's notice of intention to make normal course purchases of up to an aggregate of 1,548,140 (approximately
to 5%) of its 30,962,808 Limited Voting Shares currently outstanding, commencing October 11, 2001, over the next
12 months.
A similar notice has been filed with provincial securities regulators in respect of purchases that may be made
through the facilities of the New York Stock Exchange. The purchases may be effected by Four Seasons from time
to time through the facilities of the Toronto and New York exchanges at market prices and in accordance with the
requirements of the Exchanges and applicable Canadian and United States securities laws. Scotia Capital will be
the dealer through which Four Seasons will make any purchases.
``We believe that opportunities exist from time to time in which purchases by the Company of its Limited Voting
Shares can enhance long-term shareholder value and are putting in place a program that will allow us to use a portion
of our cash balances to do so,'' said Douglas L. Ludwig, Executive Vice President and Chief Financial Officer.
The Company also announced Friday that it will be redeeming, effective November 14, 2001, all of its $100 million
6% debentures due July 2, 2002 in accordance with their terms for an aggregate redemption price of $102,118,820,
plus accrued and unpaid interest to (but excluding) the date of redemption. The redemption of the Debentures will
be funded from existing cash balances.
``After the repayment of the Debentures our only remaining long-term debt is zero coupon convertible debt with
an ultimate maturity date of 2029. By year end, we expect our cash reserves to exceed $200 million. We also have
available US$200 million of committed and unutilized bank facilities. We believe that our strong balance sheet
will continue to support the Company's on-going business and growth strategy,'' said Douglas L. Ludwig.
Four Seasons is in the midst of the largest expansion ever of its hotel and resort and branded residential portfolio,
with planned openings of 23 new hotels in an additional 11 countries. The newest addition is Four Seasons Hotel
San Francisco, which opened on October 3, 2001.
The Company expects to hold a conference call to discuss its third quarter earnings on Friday, November 9, 2001
at 10:00 am (Eastern Standard Time).
To access the call dial: 1 (800) 937-4597 (U.S.A. and Canada)
1 (415) 904-2490 (outside U.S.A. and
Canada)
To access a replay of the call, which will be available for one week after the call, dial: 1 (800) 558-5253, Reservation
Number 19838935.
A live Webcast will also be available by visiting http://www.fourseasons.com/investor.
This Webcast will be archived for one month following the call.
With a history spanning four decades and a portfolio that now extends to six continents, Four Seasons Hotels and
Resorts is the world's leading operator of luxury hotels, currently managing 51 properties in 22 countries, primarily
under the Four Seasons and Regent brand names. Opened in 2001 are Four Seasons Hotel Caracas, Venezuela; Four Seasons
Hotel Prague, Czech Republic; Four Seasons Hotel Dublin, Ireland; and Four Seasons Hotel San Francisco, U.S.A.
Additional hotels poised to enter the market in early 2002 include properties in Shanghai and Sharm El Sheikh.
While most hotels bear the names of Four Seasons or Regent, some do not, including The Ritz-Carlton in Chicago
and The Pierre in New York. Information on the company can be accessed through the Four Seasons Web site at www.fourseasons.com.
All dollar amounts referred to in this press release are Canadian dollars unless otherwise noted.
Certain statements contained in this news release that do not relate to historical information are ``forward-looking
statements'' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and are thus
prospective.
Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual
results to differ materially from future results expressed, projected or implied by such forward-looking statements.
Such factors include, but are not limited to, economic, competitive and lodging industry conditions. These factors
are discussed in greater detail in the Company's filings with the Canadian and United States securities regulators.
The Company disclaims any responsibility to update any such forward-looking statements.
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Contact:
Four Seasons Hotels Inc.
Douglas L. Ludwig, 416/441-4320
or
Four Seasons Hotels Inc.
Barbara Henderson, 416/441-4329