An affiliate of Cascade Investment has entered into a definitive agreement to acquire a controlling interest in Four Seasons Hotels and Resorts.
In the all-cash deal, Cascade will increase its existing 47.5 percent stake to 71.25 percent by purchasing half of the existing 47.5 percent stake owned by an affiliate of its long-term investment partner Kingdom Holding Company (KHC) for $2.21 billion, valuing Four Seasons at a $10 billion enterprise value. Isadore Sharp, Four Seasons founder and chairman, through Triples Holdings will retain his 5 percent stake.
Sharp founded Four Seasons in 1960 and now manages 121 exceptional hotels and resorts, and 46 world-class residential properties in 47 countries, complemented by a strong pipeline of more than 50 projects at various stages of development. Four Seasons shareholders took the company private in 2007, executing a strategy that expanded new opportunities for guests, residents, employees, and hotel owner partners worldwide