Four Seasons Hotels and Urban Investment, a
subsidiary of JMB Realty Corporation, 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.
——-