An affiliate of Cascade Investment, a company controlled by Bill Gates, has entered into a definitive agreement to acquire a controlling interest in Four Seasons Hotels and Resorts.
In the all-cash deal, Cascade will increase its existing 47.5% stake to 71.25% by purchasing half of the existing 47.5% stake owned by an affiliate of its long-term investment partner Kingdom Holding Company for $2.21 billion, valuing Four Seasons at a $10 billion enterprise value.
Cascade first invested in Four Seasons in 1997 when the company was public.
Four Seasons founder and chairman, Isadore Sharp, through Triples Holdings Limited, will retain his 5% stake.
“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 capitalise 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.”
Sharp founded Four Seasons in 1960 and set the company on its path toward global expansion. Four Seasons now manages 121 hotels and resorts, and 46 residential properties in 47 countries complemented by a strong pipeline of more than 50 projects at various stages of development. Four Seasons shareholders took the company private in 2007.
The sale is expected to close in January 2022, pending regulatory approvals and the satisfaction of other customary closing conditions.© Travel News Asia