Kingdom sells Four Seasons Toronto for $144m
Riyadh, April 30, 2012
Saudi Arabia-based Kingdom Holding Company (KHC) has announced the sale of its Four Seasons Hotel Toronto Canada for C$142.5 million ($144.64 million).
KHC chairman Prince Alwaleed Bin Talal said: “These transactions mark yet another step for KHC towards the realisation of the value of its investments.”
Sarmad Zok, chairman and CEO of Kingdom Hotel Investments and member of KHC’s Board of Directors, said: “The sale of the former Four Seasons Hotel Toronto marks another step in Kingdom’s long-term support of the brand in this key global gateway market, as we prepare for the opening later this summer of the brand’s newest flagship property, the Four Seasons Hotel and Residences Toronto.”
KHC is considered one of the largest foreign investor in Canada though its investments in Four Seasons and also Fairmont Raffles Hotels International (FRHI). KHC holds a 47.5 per cent stake in Four Seasons. – TradeArabia News Service