Four Seasons Hotels and Resorts

Four Seasons Hotels and Resorts

May 09, 2009 01:14 ET

Four Seasons to Remain as Manager of Four Seasons Resort Aviara

TORONTO, ONTARIO--(Marketwire - May 9, 2009) - Four Seasons announced today that it has no intention to voluntarily relinquish its role as manager of Four Seasons Resort Aviara in Carlsbad CA. Four Seasons has managed the Resort since 1997.

Very recently, a dispute arose with regard to the 2009 operating budget for the Resort and the Owner's obligation to provide working capital necessary to fund debt service. That dispute is currently the subject of an arbitration proceeding, which Four Seasons fully respects and will abide by. Four Seasons has fulfilled all of its obligations under the relevant management agreements. Four Seasons intends to vigorously defend its rights in the arbitration process currently underway.

Four Seasons will also seek substantial damages from the Owner (which is beneficially owned Broadreach Capital Partners and asset-managed by Maritz, Wolff & Co.) and its counsel for their conduct in damaging the operation and reputation of the Resort and of Four Seasons.

Four Seasons Resort Aviara has been managed by Four Seasons Hotels and Resorts since 1997. In that time, the Resort has garnered numerous awards and accolades, consistently performing as best in class in the market. Recognition received while under Four Seasons management include being named to Forbes Traveler's list of World's Top 400 Hotels; being 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 being listed on Conde Nast Traveler's, "Gold List" from 1999-2009.

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