Cascade Investment LLC, owned by Bill Gates, will take control of the corporation that associates the chain of luxury five-star hotels, Four Seasons Hotels and Resorts. The billionaire bought about half of the shares previously owned by Saudi prince Alwaleed bin Talal for $ 2.21 billion.
The billionaire increased his stake to 71.3%. The remaining ones are still owned by the Saudi prince.
Bill Gates takes control of a hotel chain
The prince has stakes in many companies, such as Citigroup Inc. or Lyft Inc., a travel company. His investment firm Kingdom Holding Co has, however, successfully sold its stakes in hotels for years.
The money from the sale of shares to Cascade Investment is to be used for further investments and repayment of liabilities – said Kingdom Holding Co.
Cascade Investment did not want to comment on the transaction in an interview with Reuters. The company first invested in Four Seasons in 1997.
The Four Seasons Hotels and Resorts chain consists of 121 hotel facilities. 50 projects are currently under preparation.
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