Tuesday, 04 October 2016 08:50

Saudi billionaire sells luxury Four Seasons hotel in Toronto

Written by
Rate this item
(0 votes)

Saudi billionaire Prince Alwaleed bin Talal's company sells the luxury Four Seasons hotel in Toronto for USD170m.

 

Riyadh - Saudi billionaire Prince Alwaleed bin Talal's company has sold the luxury Four Seasons hotel in Toronto for $170 million, it said on Sunday.

Kingdom Holding Company said it sold the hotel for 225 million Canadian dollars (152 million euros) 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," said Prince Alwaleed.

"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," he said in a statement.

"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."

Prince Alwaleed owns 95 percent of KHC, a vast global investor with shares in the Euro Disney theme park, Apple, News Corporation and the US banking giant, Citigroup.

The company also owns a string of luxury hotels including the George V in Paris.

source: AFP

Last modified on Tuesday, 04 October 2016 09:01

Most Popular

Introducing cutting edge tech to the property industry

Feb 28, 2017
Virtual Reality Technology
Positioning ourselves at the cutting edge, Fieldspace Property Group is transforming the…

Calling all Cape Town owners and managers of commercial buildings and operations: Let’s talk energy and water

Mar 04, 2017
CoCT Energy Efficiency Forum
Join us for the Energy Efficiency Forum on 16 March at 8:30 for 9:00 until 12:30 followed…

The Polofields development launch met with great excitement

Feb 27, 2017
The Polofields apartment block
Balwin, South Africa’s largest homebuilder focusing on large scale sectional-title…

REBOSA opposes racist property advertisement in the strongest terms

Mar 02, 2017
Jan le Roux REBOSA
The real estate industry has been placed under an uncomfortable spotlight yet again with…

Making green affordable housing a reality

Mar 07, 2017
Belhar Gardens
Nedbank Corporate and Investment Banking (NCIB) today announced that is has made the…