Four Seasons Hotels and Resorts Has Shifted Their Focus from the Acquisition

Four Seasons Hotels and Resorts has shifted their focus from the acquisition of foreign properties to offering management contracts for local owners of hotel properties.This shift has taken place,because __________________.

A) the FDI climate is less favourable to hotel developments
B) the low Canadian dollar in the early 2000s made foreign acquisitions prohibitively expensive
C) they preferred to license their business system
D) international travel and tourism went into a steep decline after the terrorist attacks of 9/11
E) service was such an important component of their brand and because it ensured a steady income