Four Seasons 2Q Profits Rise Slightly

TORONTO— Four Seasons Hotels reported its net income rose 4.2% as new hotel openings improved management fee revenues and more than offset a weak U.S. market. The company earned C$28.2 million, or US$18.3 million, compared with C$27.1 million last year. Total revenues increased 8.7% to C$786.6 million, or US$510.7 million, from C$724 million a year ago. Four Seasons opened hotels in Prague, Dublin and Caracas and new residential projects improved management fee growth, the company said. RevPAR in the U.S. fell 5.5%, since occupancy dropped to 73.9% in the second quarter from 79.2% a year ago. Over the next 24 months, Four Seasons said it expects to open hotels in San Francisco, Sharm el Sheikh, Amman, Riyadh, Sao Paulo, Shanghai, Budapest, Cairo, Exuma, Miami and Hamshire. SOURCE: Reuters