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Majority Owner of The Regent Hong Kong to 
Sell Interest to Bass PLC; 
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Four Seasons Hotels Scheduled to Cease Management 
Effective June 1st, 2001
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TORONTO - May 21, 2001-- Four Seasons Hotels Inc. (NYSE:FS) announced today that it is scheduled to cease management of The Regent Hong Kong, effective June 1st, 2001. 
 
As previously disclosed, the Four Seasons management contract for The Regent Hong Kong expired on December 31st, 2000. The contract had been extended on an interim basis to May 31st, 2001. The majority owner of the property has now notified the Company that it has committed to sell its ownership interest to Bass PLC, which expects to begin managing the Hotel on June 1st, 2001. 

During 2000, the Company received approximately C$5.1 million in management fees from The Regent Hong Kong. The Company will also receive management fees from the Hotel until May 31, 2001.

Four Seasons continues to own 25% of the entity, which subleases the Hotel for the ten-year period ending in December 2010. The rent for the renewal period is subject to a rent arbitration process. During 2000, Four Seasons received approximately C$7.4 million of dividend distributions from this ownership interest. 

Douglas Ludwig, Executive Vice President and Chief Financial Officer, noted, ``Although there is a loss of management fees, we continue to be entitled to receive distributions from the ownership interest. We also continue to focus on a number of other exciting opportunities, such as the new Four Seasons Hong Kong, which was announced separately today.'' The new luxury hotel will be part of the prestigious Hong Kong station mixed-used development, located in the centre of Hong Kong's Central district and financial core. 

It is expected that Bass PLC will offer to retain all employees of the hotel and will honour all bookings. 

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 23 countries. The award-winning Canadian company has claimed first position on numerous honors lists, among them the AAA Five Diamond awards (receiving more than 

Four Seasons Hotels and Resorts Expands Its Asian Portfolio With an Agreement to Operate New Hotel in Hong Kong

TORONTO - May 21, 2001--Four Seasons Hotels Four Seasons Hotels Inc.  (NYSE:FS) confirmed that it has finalized an agreement to manage the new Four Seasons Hotel Hong Kong, which will be the Toronto-based company's first Four Seasons-branded property in the city. 

The new luxury hotel will be part of the prestigious Hong Kong station mixed-use development, located in the centre of Hong Kong's Central district and financial core. The Hotel will be the second property for the company in China, following the opening of Four Seasons Hotel Shanghai.

The Hotel is part of a larger mixed-use development consisting of four tower buildings, including two landmark office towers of 88 floors and 38 floors, a 48 story luxury Four Seasons Suites and the 38 story Four Seasons hotel. The Hotel is expected to open in 2004 and the Company will not be an investor in the project. 

Four Seasons Hotel Hong Kong will have about 400 guestrooms, four restaurants, extensive meeting and function space and health and fitness facilities. Four Seasons Hotel Hong Kong will also provide service to the complex's luxury apartments. 

``This agreement signifies that we have made a major, long-term commitment to Hong Kong and the Hong Kong station project, which we see as a major focus for development in the 21st century,'' said Isadore Sharp, Chairman and Chief Executive Officer. ``We are delighted to be able to partner the Four Seasons brand with this prestigious project, one of Hong Kong's most significant developments in years.''
 

other any hotel company for the 20th consecutive year), Zagat Survey 2001(ranking as ``Top Hotel Chain in the U.S.'' and ``Top Hotel Chain'' internationally), and leading publications and industry awards around the globe. 
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Contact:
Four Seasons Hotels and Resorts (Toronto)
Douglas L. Ludwig, 416/441-4320
www.fourseasons.com

Also See Worldwide RevPAR Grows 9.5% for 39 Four Seasons Hotels During 2000 / Feb 2001 


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