Four Seasons Hotels and Resorts

Four Seasons Hotels and Resorts

May 11, 2009 19:10 ET

Four Seasons Continues to Welcome Guests to Four Seasons Resort Aviara

TORONTO, ONTARIO--(Marketwire - May 11, 2009) - Four Seasons Hotels and Resorts continues to manage Four Seasons Resort Aviara, and the Resort is operating as usual. The Company's commitment to providing an exceptional guest experience remains unchanged.

Four Seasons is pleased with events today in the Federal Court in San Diego. The Company sought an order to prevent Broadreach Capital Partners/Maritz, Wolff & Co. from executing its previously announced plan to improperly assume management of the Resort. Broadreach Capital Partners/Maritz, Wolff & Co. today agreed not to take this course of action.

In 2006, Broadreach Capital Partners/Maritz, Wolff & Co assumed a long-term management agreement with Four Seasons for a remaining 81-year term. The agreement provides for arbitration of all disputes between the parties. Very recently, a dispute arose with regard to the 2009 operating budget for the Resort and Broadreach Capital Partners/Maritz, Wolff & Co.'s obligation to provide working capital necessary to fund debt service. Arbitration has commenced, and Four Seasons will respect and honor its contractual obligations and the arbitration process.

Four Seasons has managed the Resort since 1997. In that time, the Resort has garnered numerous awards and accolades, including being named to Forbes Traveler's list of World's Top 400 Hotels; named as a AAA Five-Diamond Award for eight years running; listed as one of ZAGAT's Top 50 U.S. Resorts for 2008; and listed on Conde Nast Traveler's "Gold List" from 1999-2009.

Contact Information

Webosphere

Keyword Cloud

View Website