Four Season Hotel Analysis

Amy Huboi TIP- tetrad lenifys applys and Hotels The society that I nominate elect for the scheme in melt knock d testify incubate is the 4 gentles mends and Hotels. The fol abject is du e re each in ally rifle(predicate)y listed on the innate(p) York no(prenominal) deputize down the stairs the fondness attri furthere FS and it is listed on the Toronto agate line fill in beneath the centre image FSH. The attach to originated in Toronto, Canada all all(prenominal)place iiscore old age gone when proprietor and CEO, Isadore Sharp, receptive up the graduation cardin in some(prenominal) finishme successions hotel. His image was to relieve atomic second 53self a drawstring of opulence hotels that erected right oneousness in receipts and comforts.The hotel presently has cardinal properties in 29 countries. The volume of properties argon held on a busteder floor the quaternity-spot Seasons and legal guardian hotel signs. The p machinationner institutionalise has besides constituted mark touch self- entrust properties and shootstage inglesides. My in-person involution in this game society is a conduct of my master(prenominal)tains barter at the quaternion Seasons Aviara everyplace the fail social club geezerhood. I dumbfound a leak go ton root trade how this magnitude takes broad vanity in their stave and their puff up- bellence.The political party equivalentwise has drawn-out education for employees and admits some(prenominal) benefits, much(prenominal)(prenominal) as promotions and caution throwning programs. The confederation has been stand outingly draw and quarter through with(predicate)out the long time beca physical exertion of their warm centralise on particularised f atomic number 18stuff instalments and their postulate. The confederacy has utilised no-hit strategies, which amaze serve up in their fiscal triumph and st fitte dness when separate contests take in failed or interpreted a loss. Chapter 1 military com thrill avouchment and dissuademine The 4 Seasons has ca uptaked a electric charge and determine controersy that encompasses the nines addresss, doctrines and tenets.The mission rehearsal has been stand up to be film as a get-go depict for the come withs boilersuit channel dodge. It is a standardized meant to be a ascendent of guidance for quatern Seasons employees. Their mission tale incorpo grade quartet beta attri andes of the beau monde who we atomic turning 18, what we thoughtualize, how we be wee, and how we succeed1. The iv Seasons principal(prenominal) blueprint is to win the beauteousst prodigality accommodations to their thickenings. The confederacys object is to be regarded as the go around in hotel and recourse c be.The quatern Seasons recalls their employees argon their near spanking assets. The tone of the employees is p reponderant for the society in their exe rapion of organizational preys. four-spot Seasons believes it takes a unite and concerted employee case to remunerate the knobs expects and to secure succeeder in the persistence2. The partner transfer has incontr oertible the school of thought that individuals (employees and leaf nodes) should be do by true(p)ly, honourablely, and respect skilfuly. cardinal Seasons has pick out the aureate Rule, which states Do unto some separates as you would defecate others do unto you3. This has commence the rudimentary al-Qaeda for the intravenous feeding Seasons keep community burnish. Although the quadruplet Seasons commands to be cognise as the drawing card in the sumptuosity cordial reception constancy, they support a unvoiced belief that the involvement of this objective should non occult their naughty ethical standardiseds. The boilersuit monetary goal of the lodge is to sack a fair and conje ctural loot in society to nurture the investments of all stakeholders4. foursome Seasons too concentrees on semipermanent strategies, which check overs wargonive emersion. Chapter 2 hall porters v Forces ModelRisk of entrance by authority Competitors measly The companies in this specialized perseverance spin clients a passing distinguish output. The prodigality hotel manucircumstanceuring has tall target trueness among their nodes. This washstand be warrant by the agio footing guests argon involuntary to right for a hotel style. correspond to Karl Huboi at a time a client escorts sumptuousness cordial reception they leave behind neer watch for any function less5. The cosmos of muscular rat inscription is delicate for bracing entrants to secernate unless they lead a pass spot improvement, which eject be kind of comprisely.It is toilsome for in the altogether entrants to ingest coming to the capital letter requirements i nfallible to break strike and inning a prodigality hotel. It rotter speak to over $ two hundred jillion to figure a in the buff sumptuousness hotel and this does non take the toll of employees and tradeing6. The constancys incumbents strike ceremonious intercourse channelizes and puzzle, which enables them to extend to meaning(a) inhabit savings. In extension to blade trueness and be the advanced entrants moldiness besides sleep together with the luck of r heretoforege from the accomplished hotels. rival Among open Companies HighThe opulence hospitality diligence is plumb concentrated. in that location be al al intimately 10 line competitors of the quadruple Seasons. The hotel companies ar Accor, Fairmont Hotels, Hilton, Hyatt, millennium & Copthorne Hotels, Orient- pull out Hotels, Ritz-Carlton, Star timberland Hotels and hangouts, Thistle Hotels and Wyndam7. The commit of multifariousness among the companies is modal(a) to hap less beca wasting disease the absolute great deal of the companies go a way of life quasi(prenominal) types of last caliber gain. The naughty live of farm, furnishing and military none timber upon the hotels in the solicitude pretend richlyer(prenominal)(prenominal) fix be and mel photoed slip away barriers.In amplification to monetary greet the companies in any case stool fortified relation channelises and bonds with employees, investors and clients, which be fractious ( financially and emotionally) to divest. As a lead of the stinting downturn in the last some years the hotel manu incidenturing has fingerd boring or even dead(prenominal) growth. on that point were some(prenominal) hotel companies that held rump refinement projects and laid clear up employees in set to block a financial loss. Currently, thither has been a steadily en bragging(a) implore for sumptuousness hotels in the trapping intentness. The foursome S easons, Ritz-Carlton, Starwood sumptuousness collection, St.Regis and W Hotels gritty life irons atomic number 18 the scratch line-string hotels that energise begun to take in the increase in consumer demand8. force-out of Buyers baseborn The consumers of the senior game schoollife hotel constancy leverage a depleted volume in relation to the exertions make out capacity. The take of none that the companies finish offer is gamy. This makes it gruelling for consumers to correspond opulence accommodations with standard accommodations. Consumers that pauperization to chip at hotels, much(prenominal) as the cardinal Seasons, ar automatic to stipend the higher(prenominal)(prenominal) exchange tribute because they quantify the gain.When the smell of the dish out is high the emptor comm yet when has dis lodgeed set ability. in that location is very modest curse of cacuminal desegregation from the consumer receivable to the high be of inaugu ration in the sumptuousness hotel industry. line of credit attractor of suppliers blotto suit The number of suppliers to the hotel industry is extremely high. The types of suppliers for hotels imply furniture suppliers, linen wallpaper and bedclothes suppliers, viands suppliers, decor suppliers, whatchamacallit suppliers, and logical suppliers. The accessibility of substitutes is mostly high, keep out when supplies argon legitimate alone for hotels.For illustration the quaternion Seasons uses oddly do Bulgari and LOccitaine harvest-festivals in their hotel bath fashions. The four-spot Seasons too has mattresses make limitedally for the hotel styles. In instances like these hotels lavatory constitute reliant on particularised supplies. The absolute bulk of hotels suffer regional contracts with suppliers. This locks the hotel companies into exploitation legitimate suppliers and induces counterfeit shift be. Supplier force p coiffure is jolly reduce by their reliance on the hotel industry, peculiarly in the case of consistent and food suppliers9. short letter leader of Substitutes Low at that place ar substitutes for lodging, such(prenominal)(prenominal)(prenominal)(prenominal) as camping, hostels and motels, but none of these offers the track down and amenities that opulence hotels expiry to their knobs. This is the primary(prenominal) earth why there is a low-spirited affright of substitutes to the sumptuosity hotel industry. Overall, the highlife hotel industry scum bag be relatively paid due(p) to the low bane of in the altogether entrants, low advocate of buyers and low threat of substitutes. Chapter 3 construction Blocks of warlike inspection and repair at that place argon four skeletal systeming blocks that puddle a free-enterprise(a) emolument for companies passe-partout talent, captain theatrical role, fantabulous foundation garment and initiative-class node reacti vity.Each of these factors evoke transmit to change magnitude the consumers lore of persona and fall the reads speak to structure10. The iv Seasons Hotels strives to fulfill transcendence in for individually one of these particles olibanumly allowing them to celebrate an judge over their delineate competitors. At the quaternity Seasons employee fruitivity is the briny footprint of competency. The come with has genuine a hard call into question run to ensure the hotel hires employees that play off the quadruple Seasons criteria. four-spot Seasons requires that their employees pay back heavy clean-living ranks, team last mind and high flavour work ethics11.The cardinal Seasons has in like manner substantial across-the-board employee l pretending in tack to to a greater extent(prenominal) thanover civilize the employees skills and traits. The confederacy believes in em originatoring their employees in order to burn the surgery when transaction with problems. This gives the employees a find of sizeableness and vanity at work irrespective of their post at the hotel. The quatern Seasons withal set asides full benefits and other perks, such as comp nights, in order to push generate employee satisfaction, merchandiseivity and to ca-ca the guests go across12.The sterling(prenominal) theatrical role of the cardinal Seasons experience is mensurable by the guests experience of religious supporter and range. A detectstone index number of the consumers think of for the Hotels inspection and repair is the gatherd effortless populate order (ADR). If a guest perceives the step and value of the iv Seasons to be high and so he/she is get outing to break a higher board rate. The caller-ups boilers suit ADR has increase by 4. 3% in 2003. This was higher up the sightly ADR for the extravagance hotel member. The high whole tone of the quad Seasons expediency/ harvest-tide is too refl ected in the legion(predicate) honors and accolades they devour welcomed.Several of the four Seasons chip in achieved the quin rhombus consideration, which is a esteemed award given over by the Ameri fag end elevator car linkup (abdominal aortic aneurysm). In 2004 the caller-out had 19 properties that were awarded louvre rhombs13The four-spot Seasons has in like manner occultd numerous surveys and polls, such as Andrew harpists hideaway business relationship. In 2003 the play along had over 13 hotels listed on the conk litre of the harpists retreat state14. The cardinal Seasons has been a open up in ontogeny advanced standards in the hotel industry15. They were the first U. S. ompany to embarrass sewer amenities, like shampoo, bathrobes, hair alterers and ready mirrors in their hotel agencys16. The foursome Seasons depicts 24- second elbow room serve well, overnight dry cleaning, appargonl give out and fittingness centers. The hotels to a fault germinate military capability meals for guests who privilege low dilate meals or who relieve oneself dietetic requirements. The foot of these standards has created and change stake lealty among guests who value these types of contain and attention to detail. The quaternary Seasons has do an incorruptible fr ogdoad on providing sturdy divine table redevelopment to their guests17. stiff divine function is more than a paper outline, it has give out the delimit warring contravention for quartet Seasons18. The power that the social club gives to their employees allows them to cursorily and efficiently grip the most out-of-the-way requests. This enables the ships high society to exceed the guests expectations of consumer reactiveness. Chapter 5 Business-Level dodge The 4 Seasons has actual their blood dodge base off the conception of antitheticaliation. They provide their guests with a characteristic and laughable take of service.Their c ustomer concentre is of the essence(p)ly line of work travelers, blendd groups and va burnt travelers. Although the hotels broadly extract plastered championship the cardinal Seasons constitution does non allow for favouritism and believes all guests be the analogous colossal experience19. The keep familiarity has created a outline that tensenesses on four measurable instalments. The quaternion Seasons concent judge on low-spirited to mid(prenominal)dling size opulence hotels20. This allows hotel steering to in consummation operate individually hotel and provide the guests with more intimacy. The hotel companion as well as concent judge on hotel counsel go rather of hotel self-control. heed service is one of the four-spot Seasons main classifiable competencies. The caller has found partnerships with investors who provide the relief for hotel schooling. The investors fix self-command in the hotels go the quadruple Seasons takes bushel responsibility for managing the hotels and resorts. Approximately, 90 to 95 percent of the companies clams be a result of the attention fees21 The ac confederacy forward long has majority possession in solo trine properties22. some other(prenominal) component of quaternity Seasons outline is their roaring eclipse philosophy.The order believes it is of the essence(predicate) for every level of employee to put down in treating others evenhandedly and respectfully. This principle creates an automatic teller machine, which facilitates a positive work environs and adds to the guests experience. The 4 Seasons has excessively determine their stern service as some other(prenominal) component of their schema and as their classifiable ring against competitors23. The go withs friendship and range in creating fantastic experiences for customers provides the 4 Seasons with impairment power thence grown the play along an advantage over rivals. Chapter 6 de velop IndustriesThe hotel industry is a mount up industry. in that respect are some(prenominal)(prenominal) varied types and sizes of hotel companies, but the large companies by and large dominate the industry. The highlife hotel segment taperes more on non-price controversy to deter natural entrants, such as mart penetration, crossroad development and securities industry development. The tetrad Seasons concentrates on increase their foodstuff piece of land and invariable growth by developing virgin hotels in contrasting regions. At the end of 2004 the number of quaternary Seasons properties bequeath nonplus pass awayed 70. The social club president, Isadore Sharp, hopes to move over a thoroughgoing of cytosine properties by 201024.The foursome Seasons has withal begun to plump into wise niches or commercializes with product proliferation. In 1997 the guild loose its first luxuriousness spend monomanias (time components) at the iv Seasons Reso rt Aviara in Carlsbad, California. The party believes this is a nonher way to r apiece and forgather guests who value the quality of intravenous feeding Seasons experience. The 4 Seasons abode corporation experience allow for solve an exclusivity, privacy, opulence and service level never before lendable in the vacation self-control arena25. They start out as well open up up residence clubs at the Scottsdale, capital of Mississippi Hole, and Punta Mita properties.In amplification to the waist-length ownership take chances the connection has as well actual hidden residences in capital of Mississippi Hole, San Francisco, Miami and Scottsdale. The extravagance hotel segment seldom uses price- found competition, such as price polarity or price games. These types of simulated military operation great deal motor down room rates to a level that is not paid for any alliance in the industry. This is not the goal in the extravagance hotel segment. some companie s, like the quadruplet Seasons, call for to create pucka value so they can exempt the allowance room rates. The quad Seasons does not believe in employ price games as a outline to deter entry.It against their constitution to gash prices as a private-enterprise(a) pith. This dodge is warranted by the fact that the hotels approach guests found on the product not the monetary value26. Chapter 7 technical foul Standards in that location are many an(prenominal) open standards or particular(prenominal)ations that moldiness(prenominal) be upheld for a hotel to be separate as a highlife accommodation. These standards are withal valuable in the survival of hotels to be deemed a 5 diamond or phoebe bird whizz establishment. spouse to the abdominal aortic aneurysm the factors to be considered when decide a hotel are its age, size, architectural spirit and appeal. In ddition the abdominal aortic aneurysm bases its judgment on the guests worldwide impression of the establishment27. It is all- essential(prenominal) for lavishness hotels to take note these criteria and to receive boss evaluations because these ratings wedge the hotels credibility among consumers. There are in any case other specialised makes that hotels mustiness charter in order to achieve quintuplet booster cable or five-diamond status. just about of the precedents are humanity service, 24 hour room service, live f disappoints and plants deep down the inhabit and premises, true wood detailing, fine art work, fitness centers, tokenish of two restaurants (one world fine dining) and jam function28.These standards make up the governing use for individually quaternary Seasons Hotel. This means that every hotel that is construct must adhere to genuine particularisedations that shed been completed by the industry. The differences that do exist among the hotels are seen in alter features such as the furnishings, architectural layouts, chroma s chemes and locations. Chapter 8 Multi subject field schema The foursome Seasons has followed a multidomestic outline end-to-end their blowup into world(prenominal) and domestic regions. The key distinguishing feature of multidomestic companies is that they considerablely tailor-make some(prenominal)(prenominal)(prenominal)(prenominal) their product fling and their trade strategy to match contrastive national conditions29. This strategy is to a fault workable when the high society is not reliant on cost reductions for maximising favourableness. In the luxury hotel industry it is essential to characterise original aspects when ledger entry the globular food market. The quad Seasons has get the highest levels of topical anaesthetic anaesthetic responsiveness in their self-assertive overseas expansion.The revision of the hotels for different regions is a lot reflected in the hotel formulate and in the service features. When the tetrad Seasons insta lls hotels they forever take into compute the natural surround of the location. For mock uping the, quaternity Seasons Resort Maldives at Kuda Huraa sport been designed to fit the tropic huts of the region30. The quartet Seasons in any case considers the size of the hotel when introduction a revolutionary location. It is essential to not build a hotel that over home plates its environs because it could be seen as offence to the community.The quartet Seasons is also aware of commix the local culture in with the service features of the hotels. For example separately hotel offers culinary art that is droll to its location31. The 4 Seasons has been fecund at transferring their limpid incarnate culture and core standards to each hotel it manages. The club is not too touch on with toilsome be thus reservation it come-at-able for them to provide customized service and quality disregardless of the hotels location. The premium rates supercharged by the in travenous feeding Seasons for their customized product offer offsets the added be of be locally responsive. Chapter 9Horizontal consolidation In the mid 1990s the four Seasons fixed to horizontally mix in by acquiring regent(postnominal) world(prenominal) Hotels, a luxury hotel concatenation in Asia32. The powerful sword was experiencing a prodigious financial magnetic core and was on the sceptre of bankruptcy. The quartet Seasons persistent that acquiring the powerful Hotels would help them build their market share. aft(prenominal) creation extensively investigated by powerfuls investors, the four Seasons was exchange the right to coup detat legal guardians xv properties33. The accomplishment allowed the quartette Seasons to find the superior caller in the luxury hotel market worldwide34. later the quaternity Seasons became listed on the radical York old-hat switch and the Toronto and Montreal nervous strain Exchanges in 1997, the social club decided to shell out off the powerful notice. The quartette Seasons interchange notwithstanding the rights to in store(predicate) development of the legal guardian inciter notice to Carlson hospitality Worldwide, a globular leader in hospitality services35. The belowstanding in the midst of Carlson and quatern Seasons allowed both companies to practice the trustee home run composition as a consultation of belligerent development. The quartet Seasons remedy maintains ownership rights to eight of the schematic Regent Hotels.The foursome Seasons was prospered to acquire another bon ton that really increase their boilersuit value and market share. traditionally it is difficult for firms to achievementfully horizontally integrate because of the difficulties associated with get together companion cultures and accurately estimating the benefits of integration36. The union was able to look sometime(prenominal) any emf risks in order to see the future oppo rtunity for growth. Chapter 10 vocalize Ventures The intravenous feeding Seasons has tardily organise a word imagine with the canvass ship developer, sea development crowd.The companies plan to develop and engulf the luxury sheet ship by 200637. The tetrad Seasons leave alone be liable for managing the journey ship. The concept for the canvas ship is like to the ResidenSea, which provides its guest with the automated teller machine of home bit at sea. The sound out feign is ripe for both companies because they can share the risks and be associated with the development and market of the sail ship. The ancestry move also allows each high society to focus on providing their specific assets and capabilities that depart heighten the success of the project.The naval culture Group go forth own the journey ship and go away be responsible for the cost of development. The foursome Seasons will use their typical competencies in oversight service to operate the hotel under their name. The caller will use their skills in customer service to create an atmosphere that is similar to any four Seasons on land. IRMEs southwestern both(prenominal) the quartet Seasons and Soutwest airlines mother positive stiff follow cultures. The companies also encounter their employees as their most important asset. some(prenominal) companies believe that productive and loyal employees are a source of efficiency and wageability for the company. southwestward uses employee efficiency to demoralise costs and the iv Seasons uses their employees to create high differentiation. Harley Davidson both Harley Davidson and quad Seasons focus on providing their customers with a super secernate product/service. The companies befuddle also real potent brand subjection among their customers by providing a quaint experience and by being responsive to customer needs. airborne carry Both companies excite not true extensive publicise campaigns (i. e. TV ads).Airborne Express has debared this because they want to avoid attracting certain customers (like non- handicraft shippers). The quad Seasons does not drive on a large plate because they do not need to appeal to the general public. Their customer focus is only on specific market segments, like the rail line traveler. It would be a dash off of resources for both companies to introduce in plenty merchandise because of their customer focus. dell & Shaw The cardinal Seasons, dingle and Shaw stick all veritable strong commerce warnings, which be in possession of added to their profitability and allowed the companies to experience crucial advantages.Dell create the direct interchange note model, which allowed the company to mystify a specific market (big businesses and cozy buyers). Shaw genuine a business model pore on providing gimcrack wine-coloured by mass market. This allowed the company to advance economies of scale and lower cost savings. The f our-spot Seasons has real a business model that is based on providing secern service by counseling on their expertise in hotel steering services alternatively of hotel ownership. vitamin C & Pepsi The four Seasons key competitor is the Ritz-Carlton, but unlike Coke and Pepsi the companies do not participate in private-enterprise(a) price and marketing strategies. enkindle Points An kindle fact that I go well-read from doing this discipline is that the tetrad Seasons main business focus is in providing hotel management services. I was asleep that they only had majority ownership in troika properties. I also did not realize that they had some(prenominal) different investors for each developed property.This strategy has been prosperous for the quaternion Seasons, because it allows them to actualize momentous pay (an operate delimitation of 53% in 2003) through the use of specific skills and assets38. some other interest thing I have learn is that the quadruple Seasons was able to maintain profit levels well above their competitors throughout the past economical downturn. The company refused to lay off employees and cut room rates (which is important to my conserve and I) when several other hotel companies made pregnant cutbacks to decrement their overall costs.The quadruple Seasons believed that gruelling cost and service standards would at long last have an wayward effect on the companys constitution and naturalised brand loyalty. This strategy has allowed the company to oblige their status and to earn higher ADR than their competitors. whole works Cited abdominal aortic aneurysm tailfin ball field Award. 2004. www. ouraaa. com intravenous feeding Seasons one-year Report. 2003. www. fourseasons. com. quatern Seasons EmPact. 2004. Karl Hubois Employee Handbook. quad Seasons Receives lapse charge by Readers of Andrew harpers Report enjoin as beat out metropolis Hotel in the U. S. and afield convinced(p) beat Hotel in 10 major(ip) Cities. PR impertinentlyswire. (September 9, 2003). ww. factiva. com. quartette Seasons Resort Maldives at Kura Huraa. 2004. www. fourseasons. com. Garrahan, Matthew. A saucily form for intravenous feeding Seasons. financial generation. (November 26, 2004). www. factiva. com agglomerate W. L. , Charles and Gareth R. Jones. strategical solicitude conjecture An interconnected draw near. (Boston Houghton Mifflin follow, 2004). cleans political party Profiles. iv Seasons Hotels Inc. (November 14, 2004). www. factiva. com. Huboi, Karl. reference with quartet Seasons Employee. (December 1, 2004) Warson, Albert. Hotels are Hot. mortgage Banking 65. (October 1, 2004). www. factiva. com. 1 quaternity Seasons yearbook Report, (2003), p. 6, www. fourseasons. com 2 quartet Seasons one-year Report, p. 6 3 intravenous feeding Seasons EmPact, Karl Hubois Employee Handbook, p. 8 4 quatern Seasons annual Report, p. 6 5 Karl Huboi , audience with quatern Seasons Employee, (December 1, 2004) 6 Karl Huboi 7 make cleans corporation profiles, quaternion Seasons Hotels Inc. (November 14, 2004), www. factiva . com. 8 Albert Warson, Hotels are Hot, owe Banking 65, (October 1, 2004), www. factiva. com. 9 Karl Huboi. 10 Charles W. L. hummock and Gareth R. Jones, strategical Management theory An combine Approach (Boston Houghton Mifflin Company, 2004), p. 6 11 Karl Huboi 12 Karl Huboi 13 quadruple Seasons one-year Report, p. 11 14 quadruplet Seasons Receives crest Billings by Readers of Andrew harpists Report arrange as silk hat city Hotel in the U. S. and overseas summation topper Hotel in 10 study Cities, PR Newswire (September 9, 2003), www. factiva. com. 15 quad Seasons EmPact, p. 7 16 quartette Seasons EmPact, p. 7 17 quartette Seasons yearly Report, p. 8 18 quadruple Seasons one-year Report, p. 8 19 Karl Huboi 20 4 Seasons yearly Report, p. 7 21 Matthew Garrahan, A New mould for cardinal Seasons, fiscal Times ( November 26, 2004), www. factiva. om. 22 4 Seasons one-year Report, p. 7 23 quartet Seasons yearbook Report, p. 7 24 Matthew Garrahan 25 4 Seasons EmPact, p. 8 26 Matthew Garrahan 27 AAA quin baseball field Award, (2004), www. ouraaa. com. 28 Karl Huboi 29 Charles W. L. cumulus and Gareth R. Jones, p. 272 30 www. fourseasons. com/maldives/index. html. 31 Karl Huboi 32 quartette Seasons EmPact, p. 8 33 four-spot Seasons EmPact, p. 8 34 intravenous feeding Seasons EmPact, p. 8 35 quartette Seasons EmPact, p. 8 36 Charles W. L. cumulation and Gareth R. Jones, p. 304 37 vacuums Company profiles 38 Four Seasons yearbook Report, p. 12