New York – AFP: The company that manages investments for Microsoft founder Bill Gates has reached an agreement to acquire the Canadian luxury hotel chain Four Seasons for $2.21 billion, according to a statement published late Wednesday.
Under the agreement, the share of Cascade Investment Company, which already owns 47.5 percent of the hotel group, will rise to 71.25 percent, after purchasing half of the shares of the other shareholder, Kingdom Holding Company, owned by Saudi businessman Prince Alwaleed bin Talal. The Four Seasons hotel chain said in a statement that the deal is worth an estimated $10 billion.
Kingdom Holding Company will retain 23.75 percent of the group after the deal is concluded in January 2022. Hotel chain founder Isador Sharp will also retain the five percent owned by Hhalia.
Founded in 1960, the Four Seasons chain has evolved over the years into a luxury hotel chain that now includes 121 hotels and resorts in addition to 46 residential buildings in several countries.
It was listed on the stock exchange in 1997 but was withdrawn from it in 2007 after it was acquired by Cascade Investments, Kingdom Holding Company and Sharp.
As for Kingdom Holding, which was established in 1980, it has interests in other luxury hotel brands, including “The Savoy” in London and “The Plaza” in New York. It also invests in e-commerce, petrochemical products and healthcare.
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