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Four Seasons Continues to Welcome Guests to Four Seasons Resort Aviara |
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Four Seasons Hotels and Resorts continues to manage Four Seasons Resort Aviara, and the Resort is operating as usual. The Company's commitment to providing an exceptional guest experience remains unchanged. |
The Company sought an order to prevent Broadreach Capital Partners/Maritz, Wolff & Co. from executing its previously announced plan to improperly assume management of the Resort. Broadreach Capital Partners/Maritz, Wolff & Co. today agreed not to take this course of action.
In 2006, Broadreach Capital Partners/Maritz, Wolff & Co assumed a long-term management agreement with Four Seasons for a remaining 81-year term. The agreement provides for arbitration of all disputes between the parties. Very recently, a dispute arose with regard to the 2009 operating budget for the Resort and Broadreach Capital Partners/Maritz, Wolff & Co.'s obligation to provide working capital necessary to fund debt service. Arbitration has commenced, and Four Seasons will respect and honor its contractual obligations and the arbitration process.
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