Prince Alwaleed: "This transaction highlights Kingdom's leadership in managing hospitality assets and realizing value for our shareholders"
Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, announces that it has successfully completed the sale of its ownership stake in Four Seasons Hotel Toronto. The transaction closed on September 30, 2016 for a gross consideration of CAD 225M.
The property was sold to family holding entities related to Mr. Shahid Khan, founder of Flex-N-Gate Group and CEO of the Jacksonville Jaguars and the London-based Fulham Football Club.
Four Seasons Hotel Toronto opened in its new building in Yorkville, downtown Toronto, in 2012 and swiftly became the leading luxury hotel in Canada under Kingdom’s stewardship.
HRH Prince Alwaleed commented: “This transaction marks yet another success for KHC’s value realization strategy from our high-quality hospitality investments. We are particularly pleased to be passing ownership of this property to Mr. Shahid Khan who is known for his passion for the Four Seasons brand.” HRH Prince Alwaleed added, “Kingdom continues to be a stakeholder in this asset through our interest in the management company Four Seasons Hotels and Resorts which will continue to operate the hotel.”
Founded in 1980, KHC is a publicly traded company which was listed on Tadawul (the Saudi Stock Exchange) in 2007. Today, KHC is one of the world’s most successful and diversified business organizations with investments across 12 sectors. For over two decades, the company has been a leading player in the global hospitality industry, building shareholder value by acquiring, developing, actively asset managing and monetizing high-quality hospitality assets.
KHC’s hospitality investments include major interests in industry-leading hotel management companies Four Seasons Hotels and Resorts (47.5% ownership stake alongside Mr. Bill Gates’s Cascade Investment which also holds 47.5% and the founder of the company Mr. Issy Sharp with 5%), AccorHotels, and Mövenpick Hotels & Resorts. This is in addition to a real estate portfolio comprising 16 hotels worldwide including the Four Seasons Hotel George V in Paris, The Plaza in New York, The Savoy in London, and other leading real estate assets across the Middle East, Asia, and Africa.
© Press Release 2016
