Four Seasons receives confirmation of shareholder approval of new operator of The Pierre
June 10 2005 - 9:15AM
PR Newswire (US)
Four Seasons receives confirmation of shareholder approval of new
operator of The Pierre TORONTO, June 10 /PRNewswire-FirstCall/ --
Four Seasons Hotels Inc. (TSX Symbol "FSH.SV"; NYSE Symbol "FS")
has received confirmation that the shareholders of 795 Fifth Avenue
Corporation, the owner of The Pierre, have approved Taj Hotels
Resorts and Palaces as the new operator and lessee of the Hotel. As
previously disclosed, Four Seasons had been in discussions with the
landlord of The Pierre to explore alternatives through which Four
Seasons' leasehold interest in the hotel could be modified or
restructured. Despite these discussions, the parties were not able
to agree on any modification or restructuring of the lease
arrangements. In recent months, the landlord retained professional
advisors to assist with the evaluation of these alternatives,
including the possibility of identifying a replacement lessee and
operator for The Pierre. Taj Hotels Resorts and Palaces was
identified through that process. While the transition in the lease
and management of The Pierre remains subject to finalization of
definitive agreements, Four Seasons anticipates that the transition
in the lease and management of the hotel will become effective at
midnight, June 30, 2005. This news release contains
"forward-looking statements" within the meaning of applicable
securities laws. These statements concern anticipated future
events, results, circumstances, performance or expectations that
are not historical facts. These statements are not guarantees of
future events or performance and are subject to numerous risks and
uncertainties that can affect our actual results and could cause
our actual results to differ materially from those expressed or
implied in any forward-looking statement made by us or on our
behalf. All forward-looking statements in this news release are
qualified by these cautionary statements. These statements are made
as of the date of this news release and, except as required by
applicable law, we undertake no obligation to publicly update or
revise any forward- looking statement, whether as a result of new
information, future events or otherwise. DATASOURCE: Four Seasons
Hotels and Resorts CONTACT: Barbara Henderson, Four Seasons Hotels
and Resorts, Vice President, Corporate Finance, (416) 441-4329
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