Four Seasons and JMB confirm intention to sell Ritz-Carlton Chicago

Four Seasons and JMB confirm intention to sell Ritz-Carlton
Chicago 


TORONTO, June 7  /PRNewswire-FirstCall/ -- Four Seasons Hotels Inc. (TSX Symbol
"FSH.SV"; NYSE Symbol "FS") and Urban Investment ("Urban"), a subsidiary of JMB
Realty Corporation ("JMB"), indirect owner of the Ritz- Carlton Chicago,
confirmed today that they have agreed to begin a process to sell all or part of
the ownership interest in the Hotel. Four Seasons and Urban have also agreed
that, upon completion of the sale, Four Seasons will cease managing the Hotel
and will be entitled to receive payment, an amount which Four Seasons believes
will compensate it for the value of its long-term management contract.

Four Seasons has managed the Ritz-Carlton Chicago since 1977. During this
period, the Hotel has established an exceptional reputation in the Chicago
community and among discerning travelers everywhere.

"We are honored to be associated with this outstanding property and take pride
in the leadership it has enjoyed over the years," said Neil Bluhm, President,
Urban. "We have made significant investments at the Ritz-Carlton in recent
years, and we believe the time is ideal to maximize the value of our investment
there. We are also in the process of making a major investment in the Four
Seasons Hotel Chicago, which is widely recognized as one of the world's finest
luxury properties."

"As one of the first hotels we managed in the United States, the Ritz-Carlton
Chicago holds a special place in our company's history. Its reputation could
not have been achieved without the strong motivation, intuitive dedication and
hard work of the Hotel's employees," said Isadore Sharp, Chairman and Chief
Executive Officer, Four Seasons Hotels and Resorts. "We understand that current
market conditions offer a unique opportunity to our long-term partner and we
look forward to continuing to work with them here in Chicago at the Four
Seasons."

Four Seasons will continue to manage the Ritz-Carlton Chicago throughout the
sale process. The sale will be handled by Eastdil Realty of Santa Monica. 

DATASOURCE: Four Seasons Hotels and Resorts



CONTACT: Douglas L. Ludwig, Four Seasons Hotels and Resorts, Chief

Financial Officer and Executive Vice President, [phone]; Patrick J.

Meara, JMB Realty Corporation, Senior Vice President, [phone]

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