1997 Annual Report - Four Seasons Hotels and Resorts

MESSAGE TO OUR SHAREHOLDERS(continued)The strength and awareness of the Four Seasons brand should ensure that we are, at least, considered for almost all newmanagement opportunities in the international luxury hotel market. We believe that a strong cash flow position and ourrelationships with strategic investors for development capital mean that we are in a position to take advantage of theseopportunities as well. We will continue to examine other growth opportunities that offer us the chance to leverage our corestrengths and maintain and enhance the value of our brand name, and permit Four Seasons to grow aggressively with thecareful deployment of capital and prudent use of our human resources.As we move forward, we will not lose sight of our greatest strength—the unwavering dedication of our employeesaround the world. At all levels, we are committed to ensuring that Four Seasons has the human resource strength tomaintain our standards as we grow. We have taken steps to ensure that the Corporation has depth of personnel in allmajor disciplines. We have also taken steps to ensure that the transition of succession of senior management thatwill inevitably occur over the next few years is planned, controlled and developed from within in a way that ensures thecontinuity and enhancement of our shared core values. Our unique service culture is the cornerstone of Four Seasons—the most important element separating us from our competitors, and one that is virtually impossible to copy.ConclusionAs we look ahead to new challenges, we are committed to maintaining an environment that allows our people to excel attheir work in a way that enhances the strength of Four Seasons for the benefit of all stakeholders. We thank each of ourvalued employees for their individual and collective commitment to Four Seasons and its customers, and look forward toworking together for continued success in the years to come.Our strategy will continue to focus on increasing shareholder value through a multi-faceted growth programthat builds upon our core strengths and singular focus on the top tier of the global lodging business. We believe thatFour Seasons is better positioned than at any point in its history to achieve its growth objectives in the years ahead.ISADORE SHARPChairman and Chief Executive OfficerJOHN L. SHARPEPresident and Chief Operating Officer4Four Seasons Hotels Inc.