Kingdom acquires Canada hotel for $200m
Riyadh, November 17, 2012
Kingdom Holding Company (KHC), the investment company chaired by Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, said it has acquired the Canadian luxury hotel, The Four Seasons Toronto for $200 million.
Recently inaugurated, The Four Seasons Hotel Toronto offers 259 spacious luxury hotel guest rooms, including 42 suites, in Toronto's posh Yorkville neighborhood in addition to a new 2,787 sq m hitech spa, said a statement from KHC.
Announcing the deal, Prince Alwaleed said: “This transaction is in line with our investment strategy to develop hotels in selected key cities.”
KHC is considered one of the largest foreign investors in Canada through its investments in Four Seasons and also Fairmont Raffles Hotels International (FRHI).
KHC and Bill Gates' investment firm Cascade each hold a 47.5 per cent equal stake in Four Seasons, while the other 5 per cent stake is owned by Isadore Sharp. The Four Seasons' $3.8 billion acquisition deal by Prince Alwaleed and Bill Gates with Isadore Sharp was made in 2007, said the company in its statement.
In 2010, KHC had announced a $847 million transaction with Qatari Diar involving FRHI under which Voyager Partners acquired a 40 per cent shareholding (with a combination of cash and other consideration) in FRHI.
In addition, KHC said the Qatari Diar subsdiary QD Hotel & Property Investment had undertaken to provide FRHI with a number of future management contracts for hotels that will be branded either Fairmont, Raffles or Swissotel.
In 2006, Kingdom and Colony completed the acquisition of Fairmont Hotels & Resorts which was combined with the Raffles Hotels Group. In addition, Prince Alwaleed’s investment in the banking sector in Canada via Kingdom Holding is through Citigroup, it added.-TradeArabia News Service
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