RIYADH: Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, announced yesterday the completion of the purchase of Four Seasons Toronto, Canada for $ 200 million.
Prince Alwaleed commented: "This Transaction is in line with our investment strategy to develop hotels in selected key cities."
Recently inaugurated, The Four Seasons Hotel Toronto offers 259 spacious luxury hotel guestrooms, including 42 suites, in Toronto's luxurious Yorkville neighborhood, in addition to a new 2,787-square-metre (30,000-square-foot) state-of-the-art spa.
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 holds a 47.5 percent stake in Four Seasons, while Cascade also holds a 47.5 percent stake, and 5 percent of the Four Seasons 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.
In 2010, KHC announced an $ 847 million transaction with Qatari Diar involving FRHI. Under the agreements, Voyager Partners Ltd. (Voyager) has acquired for a combination of cash and other consideration a 40 percent shareholding in FRHI. In addition, QD Hotel & Property Investment Ltd. (QDHP) has 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 & Resort, 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.
KHC acquires Four Seasons Toronto for $ 200 million
