Bill Gates’ Cascade Investment, L.L.C. is acquiring a controlling interest in Four Seasons Hotels and Resorts.
Four Seasons Hotels and Resorts Wednesday announced that its longstanding shareholder, an affiliate of Cascade Investment, has entered into a definitive agreement to acquire a controlling interest in the company.
In the all-cash deal, Cascade will increase its existing 47.5 percent stake to 71.25 percent by purchasing half of the existing 47.5 percent 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.
Four Seasons Founder and Chairman, Isadore Sharp, through Triples Holdings will retain his 5% stake.
”The transaction marks a pivotal point in the evolution of Four Seasons, strengthening Cascade’s commitment to provide the Company with resources to accelerate growth and expand its strategic goals,” said the company in a press release.
“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.
Isadore Sharp founded Four Seasons in 1960. Cascade first invested in Four Seasons in 1997 when the company was public. Four Seasons shareholders took the company private in 2007.
Four Seasons now manages 121 hotels and resorts, and 46 residential properties in major city centres and resort destinations in 47 countries, and with more than 50 projects under planning or development.
The sale is expected to close in January 2022, pending regulatory approvals and the satisfaction of other customary closing conditions.