Bill Gates bets luxury hotels are plague resistant - aimeedonnellan -
Microsoft founder Bill Gates’ Cascade Investment is taking control of Four Seasons Hotels and Resorts by buying about half of Saudi Arabian Prince Alwaleed bin Talal’s stake for $2.21 billion, the hotel operator said on Sept. 8.
Cascade will acquire half of the billionaire prince’s stake in Four Seasons, raising its ownership to 71.3% and valuing the hotel chain at $10 billion on an enterprise basis. Prince Alwaleed, through investment vehicle Kingdom Holding, will continue to own the remaining stake, Four Seasons said in a statement.The hotel operator, which manages 121 properties and has over 50 projects in the pipeline, was taken private in 2007 by a consortium led by Cascade, Prince Alwaleed and the hotel chain’s founder Isadore Sharp.Bill Gates attends a panel discussion during the IMF/World Bank spring meeting in Washington, U.S., April 21, 2018.
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