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Bill Gates' investment firm to take control of Four Seasons in $2.21B deal
[FoxBusiness] Cascade Investment is buying about half of Saudi Arabian Prince Alwaleed bin Talal's stake.While the prince owns stakes in many companies such as Citigroup Inc (C.N) and ride-hailing firm Lyft Inc (LYFT.O), his investment firm has been selling its stakes in hotels over the last 10 years. Prince Alwaleed was freed in early 2018 after being held at Riyadh's Ritz-Carlton Hotel with scores of royals, senior officials and businessmen as part of Saudi Arabia's anti-corruption drive. Separately, Kingdom Holding said it would use the cash proceeds from the divestment for future investment and pay down a part of outstanding loans. (https://bit.ly/3jTtUGn) Cascade declined to comment beyond the press release. The firm first invested in Four Seasons in 1997. The hotel operator, which manages 121 properties and has over 50 projects in the pipeline, was taken private a decade later by a consortium led by Cascade, Prince Alwaleed and the hotel chain's founder Isadore Sharp. Posted by: Skidmark 2021-09-09 |
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