In a deal valued at $2.21 billion, Four Seasons Hotels and Resorts has announced that Cascade Investment L.L.C. will increase its current 47.5% stake in the luxury hotel group to 71.25%.
Cascade, which is a private investment entity controlled by Microsoft co-founder Bill Gates, is purchasing half of the existing 47.5% stake owned by Saudi Arabia-based Kingdom Holding Company.
In a release, Four Seasons says its founder and chairman, Isadore Sharp, will retain a 5% stake in the company.
The luxury hotel chain, which is headquartered in Toronto, was founded in 1960 and now manages 121 hotels and resorts around the globe, including the Four Seasons Hotel and Resort in Whistler, BC, and the Four Seasons Hotel in Toronto, Ontario.