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Bruno:
It was a pleasure to speak with you again this morning about Vista Palace.
I am writing to recap our conversation. Currently, there is a minority
ownership stake of 15% available for approximately 16 mm euros. This
transaction is expected to close within 60 days and the monies will be held
in escrow pending the execution of a formal management agreement between
Four Seasons Hotel and Vista Palace which will cover management of the
property, redevelopment of the structure, adding rooms , as well as
including it in the worldwide reservation system. For your review please
look at the website of my friend Bill Johnson, www.reveille.net . He could
be most helpful with your project.
Warmest regards,
Pau