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).
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.