Saudi Prince Alwaleed Bin Talal sells stake in Four Seasons Hotel Toronto
03 Oct 2016
Saudi Prince Alwaleed Bin Talal's Kingdom Holding Company (KHC) yesterday said that it has sold its stake in Four Seasons Hotel Toronto for C$ 225 million ($172 million).
Four Seasons Hotel, based in Toronto, was sold to investment vehicles of Pakistani-American Shahid Khan, founder of auto parts maker Flex-N-Gate Group and CEO of the Jacksonville Jaguars and the London-based Fulham Football Club.
Four Seasons Hotels and Resorts, in which KHC holds a 47.5-per cent along with a similar stake by Bill Gates' Cascade Investment, will continue to operate the Four Seasons Toronto.
KHC made a profit of C$17 million from the sale of Four Seasons Hotels and Resorts, the company said in a filing with the Saudi stock exchange.
''This transaction marks yet another success for KHC's value realization strategy from our high-quality hospitality investments. We are particularly pleased to be passing ownership of this property to Shahid Khan who is known for his passion for the Four Seasons brand.'' HRH Prince Alwaleed said.
''Kingdom continues to be a stakeholder in this asset through our interest in the management company Four Seasons Hotels and Resorts which will continue to operate the hotel,'' he added.