Prince Al-Waleed Bin Talal of Saudi Arabia is to buy 25 per cent of Canada’s Four Seasons Hotels. The agreement to the buy the stake, worth about $Can 165 million ($123 million), was signed by the prince and Isadore Sharp, chairman and president of the hotel chain, on 27 September. Each share will cost $Can 22.00 ($16.40).
According to the agreement, the prince will invest a further $Can 100 million ($75 million) in acquiring and developing new luxury hotels for Four Seasons to manage, including a hotel now being developed by the prince in Riyadh.
In July, Prince Al-Waleed agreed to take a 50 per cent interest in the US’ Fairmont Group of hotels. The agreement also involved investment in renovating existing hotels and expanding the Fairmont chain (MEED 5:8:94).