DOLE FOOD COMPANY, INC. AFFILIATE ANNOUNCES SIGNING OF LETTER OF INTENT WITH FOUR SEASONS HOTELS AND RESORTS
WESTLAKE VILLAGE, California - April 19, 2005
Luxury Hotel to be Managed by Four Seasons
Dole Food Company, Inc. today announced that Dole's affiliate, Westlake Wellbeing Properties, LLC and Four Seasons Hotels and Resorts have signed a letter of intent for Four Seasons to manage a world-class luxury hotel. This exciting addition to the luxury hotel arena will comprise 270 rooms and suites and is part of a multidimensional wellbeing complex, which includes a wellbeing center, spa, educational and television facilities in Westlake Village, California. The complex is being built on a 20-acre parcel of land located across from Dole's worldwide headquarters.
The wellbeing center and medical facilities are highly innovative with physicians on site providing state-of-the-art diagnostic and outpatient recuperative services, a full-service spa and fitness center, a conference center and an ultra-modern television production facility, which will focus on health and wellbeing programming.
ARCUS Enterprises, Inc. (ARCUS), a new business development company owned by WellPoint, Inc. (WellPoint), is an investor and co-operator in Westlake Wellbeing Properties, LLC. Through ARCUS, WellPoint is an investor and co-operator in another LLC, which is building a similar wellbeing center on the Island of Lana'i, Hawaii in connection with the two world-class hotels/golf resorts on Lana'i owned by Dole's affiliate, Castle & Cooke Resorts, LLC, also to be managed by Four Seasons.
David H. Murdock, Chairman and Chief Executive Officer of Dole Food Company, Inc., stated: "It has long been my belief that Dole and its affiliated companies can play a crucial role in helping consumers eat better and thus lead longer, healthier and more vital lives. I look forward to working with WellPoint and Four Seasons in this unique development."
"This unique partnership of renowned companies has brought broad capabilities and passion in creating a holistic and clinically sound health and wellbeing experience in a luxury destination environment," said Denny Weinberg, Chief Executive Officer of ARCUS.
Dole Food Company, Inc., with 2004 revenues of $5.3 billion, is the world's largest producer and marketer of high-quality fresh fruit, fresh vegetables and fresh-cut flowers. Dole markets a growing line of packaged and frozen foods and is a produce industry leader in nutrition education and research. More information about Dole is available on its website at www.dole.com.
ARCUS Enterprises, Inc., is a wholly owned subsidiary of WellPoint, Inc., the largest health benefits company in terms of membership in the United States. For more information on ARCUS, please visit their website at www.arcusenterprises.com.
Founded in 1960, Four Seasons has followed a targeted course of expansion, opening hotels in major city centers and desirable resort destinations around the world. Currently with 65 hotels in 28 countries, and more than 20 properties under development, Four Seasons is recognized as the leader in luxury hospitality with innovative enhancements, which make business travel easier and leisure travel more rewarding. For more information on Four Seasons, visit www.fourseasons.com.
This release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Forward looking statements, which are based on management's current expectations, are generally identifiable by the use of terms such as "may," "will," "expects," "believes," "intends" and similar expressions. The potential risks and uncertainties that could cause actual results to differ materially from those expressed or implied herein include weather-related phenomena; market responses to industry volume pressures; product and raw materials supplies and pricing; electrical power supply and pricing; changes in interest and currency exchange rates; economic crises and security risks in developing countries; international conflict; and quotas, tariffs and other governmental actions. Further information on the factors that could affect Dole's financial results is included in its SEC filings, including its Annual Report on Form 10-K.