TORONTO, Oct. 18 / Four Seasons Hotels Inc. FSH announced today that it has signed an agreement to manage the Park Hyatt Buenos Aires and the Madison Resort, Golf & Spa in Carmelo, Uruguay. The two properties will be re-branded Four Seasons Hotel Buenos Aires and Four Seasons Resort Carmelo, Uruguay, respectively. Management by Four Seasons is expected to commence December 1, 2001. The two properties will be the Toronto-based company's first in Argentina and Uruguay, and will increase the presence of Four Seasons in South America, following the opening of Four Seasons Hotel Caracas in Venezuela in January 2001.

The 165-room luxury Park Hyatt Buenos Aires is located near the fashionable Recoleta area, and was built on the site of a well known "Mansion," which was retained and restored; a new structure was also added to the site which contains the majority of the Hotel's guestrooms and public areas. An extensive refurbishment of the guestrooms and corridors, as well as selected public and back-of-house areas, will be undertaken.

Since opening in 1992, the Hotel has maintained a leadership position in Buenos Aires. Already the city's finest hotel, Four Seasons Hotel Buenos Aires will become one of the world's best urban luxury properties. The planned renovation, combined with the company's global brand reach, will complement its excellent location, style and overall guest experience. New facilities, including updated fitness/spa and dining options, will place the Hotel beyond comparison in the local market and will help attract international leisure and conference visitors as well.

The Madison Resort, Golf & Spa is a 44-villa luxury resort located on the Plata River, near the town of Carmelo, Uruguay, some 40 km north east of Buenos Aires. The Resort encompasses a full-service spa, meeting facilities and an 18-hole championship golf course and clubhouse. Four Seasons Resort Carmelo, Uruguay will become known worldwide as an exceptional resort, one that combines natural beauty, unique style, intimate size and an outstanding array of facilities. In addition to the Resort, the property will also be home to future luxury, single family vacation homes situated around the golf course, and may include a world-class luxury fractional ownership product consisting of approximately 40 two, three and four-bedroom units and related facilities.

"We are delighted to be able to expand our portfolio in South America, where there are still many opportunities for us to grow," said Isadore Sharp, chairman and CEO, Four Seasons Hotels and Resorts. "Together these two excellent properties will introduce our unique brand of personalized, anticipatory service to the region, and fulfill the growing need for luxury accommodations with superior levels of service and amenities to support global travelers in this dynamic part of the world."

With a history spanning four decades and a portfolio that now extends to six continents, Four Seasons Hotels and Resorts is the world's leading operator of luxury hotels, currently managing 51 properties in 22 countries. This year, the company has opened hotels in San Francisco, Dublin, Prague and Caracas, and continues to expand, with over 20 projects in development stages in choice locations around the world. Four Seasons has claimed first position on many prestigious lists; recent honors include top ranking in the J.D. Powers Guest Satisfaction Survey; AAA Five Diamond awards (receiving more than other any hotel company for the 20th consecutive year), and the Zagat Survey 2001 (ranked as "Top Hotel Chain in the U.S." and Top Hotel Chain" internationally). Information on the company and its 40 years of achievement in the hospitality industry can be accessed through the Four Seasons Web site at www.fourseasons.com.

Kathleen Taylor
416/441-4399
Four Seasons