KSA's Kingdom Holding buys Toronto hotel for $200m
Investment vehicle of Prince Alwaleed purchases Four Seasons Toronto
Saudi Arabia's Kingdom Holding, the investment vehicle of Prince Alwaleed bin Talal, said on Saturday it had completed a deal to buy the Four Seasons Toronto in Canada for $200m.
In a statement to the Saudi bourse, the investment firm said the transaction was funded by a mortgage loan of $130m and $70m from the company's own resources.
The Four Seasons Hotel Toronto offers 259 luxury hotel guest rooms, including 42 suites, in Toronto's Yorkville area.
KHC is considered one of the largest foreign investor in Canada through its investments in Four Seasons and also Fairmont Raffles Hotels International.
Prince Alwaleed said: "This transaction is in line with our investment strategy to develop hotels in selected key cities."
Kingdom Holding last month reported a third quarter net income rise of 21.7 percent, compared to the same quarter a year ago, despite the firm’s hospitality division suffering as a result of the Arab Spring.
Overall, net income for the nine-month period hit SR497.5m ($132.6m), compared to a net income of SR451.8m for the same period last year, a rise of 10.1 percent, Kingdom said.
Kingdom Holding owns stakes in a wide range of global companies including News Corporation, Citibank, Twitter, Four Seasons Hotels, the Savoy Hotel in London, Disneyland Paris, Apple, The Plaza New York and George V Hotel in Paris.
The company is also backing development of the Kingdom City project in Jeddah, which will include Kingdom Tower, the tallest building in the world when complete.
In October, Kingdom sold its interest in the Fairmont Hotel and Raffles Suites & Residences in Manila for SR218m ($58.1m).