1997 Annual Report - Four Seasons Hotels and Resorts
1997 Annual Report - Four Seasons Hotels and Resorts
1997 Annual Report - Four Seasons Hotels and Resorts
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CORPORATE PROFILE<strong>Four</strong> <strong>Seasons</strong> <strong>Hotels</strong> Inc. operates the world’s largest network of luxury hotels <strong>and</strong> resorts: 41 mediumsizedhotels <strong>and</strong> resorts containing approximately 12,500 rooms in major business centres <strong>and</strong> keyleisure destinations in 17 countries. Another 16 properties are under construction or development innine additional countries. <strong>Four</strong> <strong>Seasons</strong> holds leases for three of these hotels <strong>and</strong> owns a minorityequity interest in, or has loans to, eight properties under its management. <strong>Four</strong> <strong>Seasons</strong> has alsoembarked on a program to develop <strong>and</strong> manage vacation ownership properties. The first vacationownership project is currently in the sales process, <strong>and</strong> two other projects are under active development.Generally identified by the br<strong>and</strong> names <strong>Four</strong> <strong>Seasons</strong> or Regent, most hotel properties occupylocations that would be extremely difficult to duplicate, in many of the world’s key business centres<strong>and</strong> exclusive resort destinations. Both br<strong>and</strong>s are also widely recognized for the exceptional qualityof their guest facilities, service <strong>and</strong> atmosphere. For reasons such as these, hotels <strong>and</strong> resorts managedby <strong>Four</strong> <strong>Seasons</strong> have been named more frequently than any other competitor among the world’sbest hotels <strong>and</strong> travel experiences by Institutional Investor, Condé Nast Traveler <strong>and</strong> others.<strong>Four</strong> <strong>Seasons</strong>’ operations are supported by the efforts of a fully integrated sales <strong>and</strong> marketingorganization, including 13 worldwide sales offices <strong>and</strong> a global reservation system that permitsinternational coverage <strong>and</strong> considerable cross-selling of both br<strong>and</strong>s.<strong>Four</strong> <strong>Seasons</strong>’ strategy is to offer business <strong>and</strong> leisure travellers the finest hotel <strong>and</strong> resortaccommodation in each destination it serves. <strong>Four</strong> <strong>Seasons</strong> will pursue opportunities for continuedgrowth from new hotel <strong>and</strong> resort developments <strong>and</strong> new products, such as vacation ownership, inmajor international centres <strong>and</strong> resort destinations.C ONTENTS2 Message to Our Shareholders5 Management Committee Round Table8 <strong>Four</strong> <strong>Seasons</strong> Worldwide Locations10 Financial Table of Contents11 <strong>Annual</strong> Information Form25 Five-Year Review28 Management’s Discussion <strong>and</strong> Analysis48 Corporate Information53 Consolidated Financial Statements74 Corporate Governance
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