Menkes to Develop a New Four Seasons Hotel and Private Residences in Toronto's Yorkville

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. October 14, 2008

TORONTO, Canada, July 25, 2005. Bay-Yorkville Developments Ltd., a joint venture between Menkes Developments and Lifetime Homes, both of Toronto and Halcyon Ventures of Boston, announced today that it has recently signed an agreement in principle with Kingdom Hotels to pursue the development of a new 265-room luxury hotel. Four Seasons Hotels and Resorts has agreed to operate the hotel, which is one component of a mixed-use development to include Four Seasons branded and serviced condominiums and high-end retail. Owners of the Four Seasons residences will have access to all hotel services and amenities, including unparalleled dining, a pool, spa and health club facilities, and banqueting and conference facilities. The total value of the project is $325 million and is expected to create about 1,600 construction jobs in the city.

Located in Toronto's exclusive Yorkville district, at the northeast corner of Bay Street and Yorkville Avenue, the new mixed-use development is just a few blocks from the current Four Seasons Hotel Toronto. The project will be co-developed by Menkes Developments and Lifetime Homes.

"Four Seasons has a long track record of managing exceptional mixed-use hotel-condominium developments around the world," said Murray Menkes of Menkes Developments. "Given the landmark location and prestigious nature of this site, we feel this represents an unparalleled opportunity to build a new Four Seasons in Toronto, and to establish a new benchmark for luxury condominium living in the city. In recent years this type of mixed-use development has become the cornerstone of some of the world's most desirable urban neighbourhoods, including Four Seasons Residences in San Francisco, Miami, Hong Kong, and Moscow, and we believe the time is ideal to bring this world class standard to Toronto."

"Yorkville is quickly becoming one of North America's most vibrant, exclusive residential and hotel locations," said Kyle Rae, Toronto City Councillor, Toronto Centre-Rosedale. "Recently Conde Nast Traveler magazine described the opening of the first Four Seasons Hotel Toronto in 1978 as the 'catalyst for a new Yorkville.' The new Four Seasons hotel and residences will have a similar effect, anchoring the next generation of Yorkville that will extend beyond Bay to Yonge Street."

"Toronto now appeals to an ever-growing group of travelers and residential buyers who want the very best." said Isadore Sharp, Founder, Chairman and CEO, Four Seasons Hotels and Resorts. "Looking ahead, there is a unique opportunity to serve those needs with a hotel and residential experience which will be second to none. We are delighted to be working with Bay-Yorkville Developments and Kingdom Hotels on this exciting new project."

Planning approval applications are currently underway for the project. A sales presentation centre for the condominium residences is scheduled to open in early 2006. Construction is expected to begin by the end of 2006, with project completion slated for the beginning of 2009. Further details on the project can be found at http://www.yorkvilleresidences.com/.

Four Seasons continues to manage its award-winning Toronto hotel, at Avenue Road and Yorkville Avenue. Home to Truffles, the city's only AAA-rated Five-Diamond restaurant and Avenue, one of Toronto's top bar and dining venues, the Hotel will continue to be a draw for sophisticated visitors to the city as well as local patrons.