Four Seasons and JMB confirm intention to sell Ritz-Carlton Chicago
07 June 2005 - 11:30PM
PR Newswire (US)
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, (416) 441-4320; Patrick J.
Meara, JMB Realty Corporation, Senior Vice President, (312)
915-1934
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