Bill Gates’ Cascade Investment LLC is acquiring a controlling stake in Four Seasons Hotels and Resorts, the company announced Wednesday.
Cascade is purchasing half of the 47.5% stake owned by Saudi Arabian Prince Alwaleed bin Talal (Kingdom Holding Company) for $2.21 billion. Cascade’s stake will increase from 47.5% to 71.25% and Four Seasons enterprise value will be $10 billion.
Prince Alwaleed will continue to own 23.75%, while Four Seasons founder and chairman Isadore Sharp, through Triples Holdings Limited, will retain a 5% stake.
Gates and Cascade first invested in Four Seasons in 1997 when the hotel was public. The company went private in 2007.
Four Seasons was founded in 1960 and now manages 121 hotels and resorts and 46 residential properties in 47 countries. It has more than 50 projects at various stages of development.
Gates, the Microsoft co-founder and billionaire philanthropist, funded Cascade Investment with sales of Microsoft stock and earned dividends. It is valued at about $29.9 billion.
