Prince sells Four Seasons Toronto for $145m
Prince Alwaleed's Kingdom Holding to open new Toronto hotel in 2012
Kingdom Holding, the investment firm controlled by HRH Prince Alwaleed Bin Talal, has sold its Four Seasons hotel in Toronto for CA$142.5m (US$145m).
In a statement released by the Riyadh-based company today, Alwaleed said: "These transactions mark yet another step for KHC (Kingdom Holding Company) towards the realisation of the value of its investments."
The statement did not mention the party buying the property.
Later this summer, Kingdom Holding will open its new Four Seasons Hotel and Residences property in the same city in Canada.
In January this year, the firm sold stakes in another two of its Four Seasons hotels as part of a deal worth US$93m.
Kingdom Holding, which held an 82 percent stake in the Four Seasons Hotel, Jakarta and a 96 percent stake in the Mövenpick Dar es Salaam, said the deal was completed in the fourth quarter.
In April, the company reported its first quarter net profit rose by 11.3 percent year-on-year to SAR100.8m (US$26.88m).
Prince Alwaleed's fortune has increased by more than 18 percent, or US$3.2bn, this year, according to the Bloomberg Billionaires Index, a daily ranking Prince Alwaleed sells Four Seasons Toronto for US$145m of the wealthiest people.
The Saudi prince’s wealth rose this year as shares of Kingdom Holding rose 36 percent, Bloomberg said.
The company owns stakes in a number of major international companies, including Apple and Citigroup, and is also currently building the world’s tallest tower in Jeddah, Saudi Arabia.