NewsyList

Bill Gates takes over luxury Four Seasons hotels from Saudi seller

The founder of Microsoft has held a stake in the luxury hotels of the Four Seasons chain for years, and the Bill Gates fund is now taking over the majority of the company. This is good business for the Saudi share seller.

The investment fund of Microsoft founder Bill Gates takes over the majority in the luxury hotel chain Four Seasons. Cascade Investment is buying half of the shares of the Saudi Arabian Kingdom Holding Company in Four Seasons Hotels and Resorts for 2.21 billion dollars (just under 1.9 billion euros), as the hotel chain announced on Wednesday. This increases Cascade Investment’s share from 47.5 percent to 71.25 percent.

The hotel chain is valued at ten billion dollars in the deal. The Kingdom Holding Company of the Saudi Arabian prince al-Walid ibn Talal will in future still hold 23.75 percent of the shares, and Four Seasons founder Isadore Sharp will hold five percent as before.

Hotels all over the world

The investment fund Cascade Investment invests the assets of Bill Gates, the fourth richest person in the world with 133 billion dollars according to the business magazine “Forbes”. The Microsoft founder has invested in numerous companies through the fund. Four Seasons was founded in 1960 and today operates 121 hotels and resorts, in Europe for example in Prague, Madrid and Moscow, but none in Germany.

There were shifts in the hotel market worldwide last year. In the course of the corona-related closings, numerous hotels and large chains got into financial difficulties. In Germany, it hit the Star Inn chain, among others, which announced in March after bankruptcy proceedings that it would permanently close its stores in Karlsruhe, Stuttgart, Bremen, Heidelberg, Frankfurt, Regensburg and Unterschleißheim near Munich.

See also  Chronology of Theranos and the Fall of Elizabeth Holmes

.

Share:

Facebook
Twitter
LinkedIn

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Social Media

Most Popular

On Key

Related Posts