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The company that manages the investments of Microsoft founder Bill Gates has reached an agreement to acquire a stake in Canadian luxury hotel chain The Four Seasons for $ 2.21 billion, according to a statement released Wednesday.
Under the agreement, Cascade Investment Company’s stake, which originally owns 47.5% of the hotel group, will increase to 71.25%, after buying back shares from the other major group of shareholders, “Kingdom Holding Company”, owned by the Saudi businessman. Prince Alwalid ben Talal.
The Four Seasons hotel chain said in a statement that the deal means the chain is valued at $ 10 billion.
Kingdom Holding Company will retain 23.75% of the hotel group after the deal is concluded in January 2022. Hotel chain founder Isador Sharp will also retain the 5% he currently owns.
Founded in 1960, Four Seasons has grown over the years into a luxury hotel chain, now comprising 121 hotels and resorts, as well as 46 residential buildings, in 47 countries.
The famous hotel group went public in 1997, but withdrew in 2007, after its takeover by Cascade Investments, Kingdom Holding Company and Sharp.
As for Kingdom Holding, it was created in 1980 and owns stakes in other luxury hotel brands, including The Savoy in London and The Plaza in New York. It also invests in e-commerce, petrochemicals and health.
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