Saudi Prince Alwaleed sells Canada hotel
Four Seasons to retain operator status of the property despite buy-out
Saudi Arabia's Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, said on Sunday it had sold the Four Seasons Hotel Toronto for a gross price of US$ 171.8 million (225 million Canadian dollars).
The property was sold to family investment vehicles related to Shahid Khan, Pakistani-American founder of automobile parts maker Flex-N-Gate Group and owner of the Jacksonville Jaguars American football team and London's Fulham Football Club.
The sale occurred as a weak Canadian dollar increases interest among foreign investors eager to diversify their holdings with Canadian assets including real estate.
Canada's KingSett Real Estate Growth LP and InnVest REIT bought 80% of another downtown Toronto hotel, the Fairmont Royal York Hotel, for $140.97 million (C$186.5m) early last year.
Four Seasons Hotels and Resorts, in which Kingdom Holding owns 47.5% alongside a similar stake held by Bill Gates' Cascade Investment, will continue to operate the Four Seasons Toronto.
Around four years ago, the company had sold another Four Seasons property in the same city.