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(10 Sep 2021)
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.
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