|TORONTO, April 1, 1999 - - Four Seasons Hotels Inc.
(TSE/ME Symbol ``FSH''; NYSE Symbol ``FS'') and Shanghai Industrial Holdings
Limited (``SIHL'') today signed in Toronto a subscription agreement under
which Four Seasons will invest US$17.46 million to become a minority equity
partner in Four Seasons Hotel Shanghai, a new hotel project in Shanghai
jointly owned by SIIC, Four Seasons and another minority partner Jingan
District Government of Shanghai Municipality. Last December, Four Seasons
signed a long-term hotel management agreement for this new hotel.
Positioned to be one of the top hotels in Shanghai, Four Seasons Hotel Shanghai will be the first Four Seasons hotel in mainland China in which Four Seasons will both act as manager and have a minority interest. The superstructure of the hotel was completed last December, and the hotel opening is scheduled for the second half of 2000.
SIIC Chairman Cai Lai Xing said, ``The fact that Four Seasons will become the second largest shareholder of Four Seasons Hotel Shanghai, in addition to being the manager, shows their confidence in the prospect of the new hotel. We firmly believe that Four Seasons will contribute to the development of the hotel and tourism industry in Shanghai.''
Isadore Sharp, Chairman and Chief Executive Officer of Four Seasons Hotels and Resorts, added, ``The Shanghai project is yet another milestone for Four Seasons Hotels and Resorts as we continue to expand our portfolio in the world's leading financial centres. With the continued investment in the civic centre of Shanghai, the completion of new commercial development and the opening of a major new international airport, visitation to Shanghai will increase dramatically - and with it, the demand for luxury accommodations. Four Seasons Hotel, Shanghai is a unique hotel in terms of location, design, architecture and management. We are confident that Four Seasons Hotel Shanghai will bring a new level of service to Shanghai's business and leisure visitors.''
Situated at the civic centre in Shanghai at the intersection of Weihai Road and Shimen Road, Four Seasons Hotel Shanghai will be within 15 minutes walking distance of Huaihai Road, the city's most prestigious shopping district, and a 30-minute drive to the airport.
Four Seasons Hotel Shanghai will feature approximately 440 guest rooms, a club lounge, four restaurants, a roof-top entertainment bar and dining room, health and fitness facilities (including an indoor swimming pool and special spa treatment rooms), a business centre and extensive meeting space (approximately 17,000 square feet).
As Shanghai is quickly developing into one of the financial and trade centres in Asia, business activities will grow rapidly and the demand for world-class luxury hotels will also increase. A number of high level conferences and exhibitions have been scheduled to be held in Shanghai in the next two years, including the Fortune Global Forum and APEC conferences.
Four Seasons Hotels and Resorts is the world's leading operator of luxury hotels and currently manages 43 properties in 18 countries, primarily under the Four Seasons and Regent brand names. In 1998, Four Seasons acquired management of The Ritz Hotel in Lisbon, opened its second resort in Bali (at Sayan), and assumed management of the Kuda Huraa Reef Resort in the Republic of the Maldives. In March 1999, Four Seasons opened a hotel in Las Vegas, Nevada; and other expected openings in 1999 include hotels in Paris, France (the reopening of the George V); Canary Wharf in London, England; and Cairo, Egypt (the company's first property in the Middle East); and resorts in Punta Mita, Mexico and Scottsdale, Arizona (both resorts will include vacation ownership developments). While most hotels bear the respective 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 Four Seasons web site at www.fourseasons.com.
Asian Economic Woes Affect Hotel and Property Group Results for The Hongkong
Shanghai Hotels, Limited / July 1998
|Accor Planning New Hotels in Shanghai, Jinan, Wuhan and Beijing / Feb 1999|
Seasons Hotels signs management agreement with Shanghai Industrial for
a luxury hotel in Shanghai
/ Dec 1998
|Shanghai: A Commercial Magnet Drives a Vibrant Hotel Sector / Arthur Andersen / Spring 1996|