Four Seasons Hotels Slumps To Loss In Q4 On Write-down

Four Seasons Hotels Inc, announced fourth quarter financial results, reporting a loss, compared to profit last year, weighed down by a one-time loss related to retirement benefit plan, asset provisions, write-downs and foreign exchange loss.

The Toronto, Canada-based luxury hotel operator reported a net loss of US$37.8 million or US$1.03 loss per share, compared to net income of US$12.8 million or US$0.34 per share in the year-ago quarter.

Looking ahead, the company expects to open nine new hotels and resorts over the course of 2006 and 2007, and re-open Four Seasons Resort Maldives at Kuda Huraa. Four Seasons Hotels anticipate RevPAR for worldwide Core Hotels for the full year 2006 to increase in the range of 8% - 10%, compared to 2005 and a moderate growth in management fee revenue.

Four Seasons Hotels, which already has 68 luxury hotels and resorts in 31 countries, announced its plans in January, to build four new resorts in Asia and the Caribbean, with projects set for Barbados, Shanghai, Taipei and Macau. Financial details were not disclosed.