Hotels

Cascade subsidiary to purchase majority stake in Four Seasons Hotels and Resorts

(Sep 10, 2021)
A subsidiary of Cascade Investment, a company controlled by Bill Gates, has entered into a definitive agreement to acquire a controlling stake in Four Seasons Hotels and Resorts.

In the cash deal, Cascade will increase its existing stake from 47.5% to 71.25% by purchasing half of the existing 47.5% stake held by a subsidiary of its long-term investment partner Kingdom Holding Company for $ 2.21 billion, valuing Four Seasons at an Enterprise Value of $ 10 billion.

Cascade first invested in Four Seasons in 1997, when the company was publicly traded.

Four Seasons founder and chairman Isadore Sharp, through Triples Holdings Limited, will retain his 5% stake.

“As we celebrate our 60th anniversary and look back on the profound impact Four Seasons has had on the luxury hotel industry, we also rejoice in the enthusiasm and confidence in the future of the industry, ”said Four Seasons CEO John Davison. “The unwavering support and partnership of our shareholders has been and continues to be essential as we capitalize on growing opportunities to serve luxury consumers around the world. Our company is at another key point in its history and our shareholders’ confidence in Four Seasons and our strategic vision help position the iconic Four Seasons brand for continued success. “

Sharp founded Four Seasons in 1960 and set the company on the path to global expansion. Four Seasons now operates 121 hotels and resorts, and 46 residential properties in 47 countries, complemented by a strong pipeline of more than 50 projects in various stages of development. Four Seasons shareholders privatized the company in 2007.

The sale is expected to close in January 2022, pending regulatory approvals and the satisfaction of other customary closing conditions.

Check out the latest travel industry news, video interviews, podcasts and other news from: Four Seasons, Bill Gates, Cascade, Saudi Arabia, Kingdom.


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