Four Seasons Hotels Inc. (TSE Symbol “FSH”; NYSE Symbol “FS”)
today reported its results for the first quarter ended March 31, 2001. Net earnings increased 17.9%
to $17 million ($0.49 basic earnings per share) for the three months ended March 31, 2001, as
compared to $14.4 million ($0.42 basic earnings per share) for the first quarter of 2000.
“We are very pleased with the first quarter results. We realized solid growth in our management
business as we benefit from fee contributions from recently opened properties and increased fees
from Residence Club projects. Despite more moderate RevPAR 1 growth in the United States, we
achieved our growth targets for the quarter,” commented Isadore Sharp, Chairman and Chief
Executive Officer. “During the first quarter, we successfully opened important new Four Seasons
properties in Dublin, Caracas and Prague. Based on the excellent market reaction, we expect these
new properties should soon become market leaders” he added.
1 RevPAR is defined as average room revenue per available room. RevPAR is a commonly used indicator of market
performance for hotels and represents the combination of average daily room rate and the average occupancy rate
achieved during the period. RevPAR does not include food and beverage or other ancillary revenues generated by a