As Reuters reports, Bill Gates’ investment firm Cascade purchased a controlling stake in Four Seasons Hotels and Resorts for 2.21 billion USD from Saudi Arabia-based Kingdom Holding company.
Cascade first invested in Four Seasons in 1997, but this time records a significant increase, with Cascade now owning half of the Kingdom Holding’s stake in this hotel brand.
Kingdom Holding is owned by Saudi Prince Alwaleed Bin Talal, one of the most well-known businessmen in the country. The company has just decided to sell more than half of their holdings in Four Seasons Hotels and Resorts for Cascade. Thus, Bill Gates’ investment firm will hold 71.25% of the stake of Four Seasons Hotels and Resorts, becoming the biggest shareholder of the famous luxury hotel chain. Kingdom Holding will hold 23.75% while Isadore Sharp, Four Seasons Hotels and Resorts founder and Chairman, keeps 5% left.
Photo: Four Seasons Hotels and Resorts.
It is informed that Kingdom Holding will use the cash proceeds from the divestment for future investments and to pay down a portion of its loans.
The deal expected to close in January 2022 enables Bill Gates to control the hotel group valued at more than 10 billion USD.