Saudi billionaire sells Toronto Four Seasons for $170 million
'This transaction marks yet another success for KHC's value realisation strategy from our high-quality hospitality investments,' said Prince Alwaleed. Photograph: (AFP)
Saudi’s Kingdom Holding Company (KHC), the investment firm owned by billionaire Prince Alwaleed bin Talal, said today it sold the luxury Four Seasons hotel in Toronto for $170 million.
The company said it sold the hotel for 225 million Canadian dollars to Shahid Khan, the Pakistani-American businessman, who founded auto parts maker Flex-N-Gate and owns English Premier League club Fulham.
KHC said it had made a profit of 17 million Canadian dollars from the sale of the hotel, which it bought four years ago for 200 million Canadian dollars.
"This transaction marks yet another success for KHC's value realisation strategy from our high-quality hospitality investments," Prince Alwaleed was quoted as saying by international news agency AFP.
"We are particularly pleased to be passing ownership of this property to Mr Shahid Khan who is known for his passion for the Four Seasons brand. Kingdom continues to be a stakeholder in this asset through our interest in the management company Four Seasons Hotels and Resorts which will continue to operate the hotel."
The sale occurred as a weak Canadian dollar increases interest among foreign investors eager to diversify their holdings with Canadian assets including real estate, news agency Reuters observed.
Four Seasons Hotels and Resorts, in which Kingdom Holding owns 47.5 per cent alongside a similar stake held by Bill Gates’ Cascade Investment, will continue to operate the Four Seasons Toronto, the Reuters report added.
(WION with inputs from agencies)