private equity backers are pushing for a CEO who can “take the company to the next level,” said an investment banker with ties to Four Seasons’ owners. Mr. Gates’ personal holding company, Cascade Investment LLC, is said to be the strongest advocate for the transition.

"The long term success of Four Seasons has always been my top priority, and I have long been committed to identifying and developing the next generation of leadership for Four Seasons," said Mr. Sharp. "Over a decade ago, I recognized that Katie had the potential to become Four Seasons' next CEO. Since then, we have worked closely together on many strategic, operational, and challenging situations and she has repeatedly proven herself the right choice to lead the Company forward. Our shared values, and our shared and relentless focus on our guests and the employees who serve them, give me complete confidence that the transition will be seamless and that Katie will continue to lead the Company to even greater success."

Mr. Sharp, the Company's founder, will remain as Chairman and continue to be involved in the Company, retaining oversight and direction of the design and aesthetics of new and existing hotels in the manner that he has always done. As Chairman, Mr. Sharp will also continue to represent the Company as its goodwill ambassador

"It's really important," Four Seasons president Kathleen Taylor said, referring to nightly turndown service. "Once you make it not available, you've now made the consumer's life more complicated. They don't know what to expect."