1999 Annual Report - Four Seasons Hotels and Resorts

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Four Seasons Management Committee consists of: Management Committee Round Table Isadore Sharp Chairman and Chief Executive Officer H. Roger Garland Vice Chairman Wolf H. Hengst President and Chief Operations Officer Kathleen Taylor President and Chief Corporate Officer Douglas L. Ludwig Executive Vice President, Chief Financial Officer and Treasurer Barbara M. Talbott Executive Vice President Marketing John W. Young Executive Vice President Human Resources Antoine Corinthios President, Four Seasons Europe, Middle East and Africa James FitzGibbon President, Four Seasons Asia Pacific H. Roger Garland Vice Chairman QFour Seasons is currently undergoing a rapid expansion program. During 1999, Four Seasons opened five new hotels in four countries. Did the openings go as well as expected? ADuring 1999, new Four Seasons hotels and resorts were opened in Las Vegas, Nevada; Punta Mita, Mexico; Scottsdale, Arizona; Canary Wharf, London; and Paris, France. Each of these hotels was an important addition to the Four Seasons portfolio, but, in particular, we believe the Four Seasons Hotel George V in Paris will become the cornerstone of a growing European portfolio. We have been planning for these openings for a number of years, and had identified and put in place strong management teams to ensure that service standards were well executed in all of the new markets. As a result of the efforts of many dedicated, experienced employees, each of these openings went very well, and we are now more confident than ever in our ability to execute a busy opening schedule in the years ahead. F our Seasons Hotels Inc. four
Kathleen Taylor President and Chief Corporate Officer Wolf H. Hengst President and Chief Operations Officer QHow will the growing use of the Internet and other communication tools impact your business? How do you expect to use the Internet in your business? AWe believe that the growing use of the Internet by Four Seasons’ customers will have a positive effect on our business. The Four Seasons web site (www.fourseasons.com) provides the Corporation with an important tool for communicating with our existing customer base and attracting new customers to the Four Seasons experience. Although a relatively small portion of our business is booked on line, a dedicated 1-800 number allows us to measure the business generated by the information gathered via our web site. To date, the primary user of the web site has been the leisure traveller. In particular, we have found that guests are visiting the Four Seasons web site to better familiarize themselves with a specific destination, and are then contacting Four Seasons or their travel advisor to complete the reservation details. In the future, the Internet will play a growing role in how we conduct our business, becoming an effective tool for increasing revenue, particularly related to leisure travel and seasonal promotions. It is also a cost effective method of receiving reservations, and for communicating with the Four Seasons worldwide sales force, consumers, travel and lifestyle media, and other distribution channels, such as the travel industry, corporate travel and meeting planners. Visitors are also using the web site to review the Four Seasons Residence Club projects. In 1999, the closing rate (number of sales per inquiry) from leads generated on the web site was very high. In 2000, we will be redesigning our web site to improve the content, navigation, search and reservations capabilities to better meet the needs of our visitors. We will also be introducing Internet access in our guest rooms, keeping pace with the ever changing needs of the Four Seasons customer. F our Seasons Hotels Inc. five
Page 1 and 2: FOUR SEASONS HOTELS AND RESORTS FOU
Page 3 and 4: Table of Contents Message to Our Sh
Page 5: The fourth key decision was a low-r
Page 9 and 10: Barbara M. Talbott Executive Vice P
Page 11 and 12: Although Four Seasons stock has con
Page 13 and 14: 58 56 59 60 52 63 62 61 54 55 57 53
Page 15 and 16: As of March 1, 2000 Business of Fou
Page 17 and 18: Management Focus Four Seasons is pr
Page 19 and 20: RevPAR Statistics—Core Hotels (in
Page 21 and 22: Industry Awards Four Seasons has ga
Page 23 and 24: Approximate Approximate Hotel/Resor
Page 25 and 26: Expected Approximate Scheduled Capi
Page 27 and 28: Sales and Marketing Four Seasons is
Page 29 and 30: Intellectual Property In the highly
Page 31 and 32: (1) Consolidated revenues are compr
Page 33 and 34: Management’s Discussion and Analy
Page 35 and 36: Operational and Financial Review an
Page 37 and 38: Four Seasons Hotel Berlin In 1991 F
Page 39 and 40: On a US dollar basis, the Corporati
Page 41 and 42: Income Tax Expense The Corporation
Page 43 and 44: Net Earnings and Earnings per Share
Page 45 and 46: Fixed Asset Additions and Improveme
Page 47 and 48: Operating Risks The business of the
Page 49 and 50: Risk Associated with Expansion, Gro
Page 51 and 52: Political Risk Four Seasons current
Page 53 and 54: Corporate Information Market for Se
Page 55 and 56: Additional information relating to
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Years ended December 31, 1999 and 1
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Consolidated Statements of Cash Pro
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Years ended December 31, 1999 and 1
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abandoned, any deferred charges are
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(a) The cash flow bond, which is du
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voting interest in these two compan
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10. Long-term debt: 1999 1998 Unsec
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Unlimited Unlimited Unlimited Issue
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13. Income taxes: Income tax expens
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espect to the financing. The Corpor
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Under its ownership operations segm
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management, including the appointme
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The Corporate Governance Committee
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Corporate Directory Corporate Offic
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1999 Annual Report - Four Seasons Hotels and Resorts

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