Kingdom acquires Canada hotel for $200m
Riyadh, November 17, 2012
Kingdom Holding Company (KHC), the investment company chaired by Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, said it has acquired the Canadian luxury hotel, The Four Seasons Toronto for $200 million.
Recently inaugurated, The Four Seasons Hotel Toronto offers 259 spacious luxury hotel guest rooms, including 42 suites, in Toronto's posh Yorkville neighborhood in addition to a new 2,787 sq m hitech spa, said a statement from KHC.
Announcing the deal, Prince Alwaleed said: “This transaction is in line with our investment strategy to develop hotels in selected key cities.”
KHC is considered one of the largest foreign investors in Canada through its investments in Four Seasons and also Fairmont Raffles Hotels International (FRHI).
KHC and Bill Gates' investment firm Cascade each hold a 47.5 per cent equal stake in Four Seasons, while the other 5 per cent stake is owned by Isadore Sharp. The Four Seasons' $3.8 billion acquisition deal by Prince Alwaleed and Bill Gates with Isadore Sharp was made in 2007, said the company in its statement.
In 2010, KHC had announced a $847 million transaction with Qatari Diar involving FRHI under which Voyager Partners acquired a 40 per cent shareholding (with a combination of cash and other consideration) in FRHI.
In addition, KHC said the Qatari Diar subsdiary QD Hotel & Property Investment had undertaken to provide FRHI with a number of future management contracts for hotels that will be branded either Fairmont, Raffles or Swissotel.
In 2006, Kingdom and Colony completed the acquisition of Fairmont Hotels & Resorts which was combined with the Raffles Hotels Group. In addition, Prince Alwaleed’s investment in the banking sector in Canada via Kingdom Holding is through Citigroup, it added.-TradeArabia News Service
More Travel, Tourism & Hospitality Stories
- Beacon technology 'ideal' to aviation industry
- Emergency drill to take place at Amman airport
- JA Resorts to launch high-end resort In Maldives
- $5.3bn hotel projects coming up in Saudi
- Hilton appoints new GM for Alexandria hotel
- Air Arabia opens new sales office in Bahrain
- Lufthansa aims high with 'First Class' service
- Emirates launches new service to Boston
- Dubai Airports 'powers down' for green initiative
- City Seasons opens 5-star hotel in Abu Dhabi
- Etihad alert on fog
- Bahrain F1 visa procedures issued
- Oman Air appoints GSA for Turkey
- $40bn investment in Gulf airports likely
- Celebrity chef to open restaurant at InterContinental
- FRHI appoints wellness vice president
- Dubai, Abu Dhabi hotels top performance
- Malaysia Airlines jet presumed crashed, 239 onboard
- BA rolls out special Mother's Day fares
- Etihad says majority of stranded passengers sent home
- Malaysian jet search team spots 'column of smoke'
- Turkish Airlines revenue surges 27pc in 2013
- GCC airlines defend female cabin crew policies
- Malaysian flight 'presumed crashed' over China
- Qatar Airways likely to buy more A380s
- Malaysia Airlines jet goes missing over China
- Etihad in move to clear flights backlog
- Tourism industry emerges from downturn
- Airbus orders more frequent A380 checks
- Dubai Mall stand offers air safety tips