Four Seasons Hotels and Resorts‘ longstanding shareholder, Bill Gates, an affiliate of Cascade Investment, has entered into a definitive agreement to acquire a controlling interest in the hospitality company.
Saudi Prince al-Waleed bin Talal is selling half his stake in Four Seasons to co-owner Gates, in a move that will give the billionaire control of the company. The deal values the luxury hotel operator at US$10 billion.
Four Seasons said the transaction marks a “pivotal point” in the evolution of the brand, strengthening Cascade’s commitment to provide the Company with resources to accelerate growth and expand its strategic goals. Cascade first invested in Four Seasons in 1997 when the Company was public.
“As we mark our 60th anniversary and look back on the profound impact that Four Seasons has had on luxury hospitality we also look forward with tremendous excitement and confidence in the future of the industry,” said Four Seasons CEO John Davison. “The unwavering support and partnership of our shareholders has and continues to be critical as we capitalize on growing opportunities to serve luxury consumers worldwide.”
“Our Company is at yet another key moment in its storied history and the confidence of our shareholders in Four Seasons and our strategic vision help position the iconic Four Seasons brand for continued success,” Davison said.
The sale is expected to close in January 2022, pending regulatory approvals and the satisfaction of other customary closing conditions.
Lead image: Four Seasons Resort Hualalai