Cascade Investment Affiliate Agrees to Acquire Controlling Stake in Four Seasons Hotels and Resorts

[Gunnar Larson]

https://www.prnewswire.com/news-releases/cascade-investment-affiliate-agrees-to-acquire-controlling-stake-in-four-seasons-hotels-and-resorts-301371317.html


PR Newswire: news distribution, targeting and monitoring
Cascade Investment Affiliate Agrees to Acquire Controlling Stake in Four
Seasons Hotels and Resorts
The Purchase of Kingdom Holding Company Affiliate's 23.75% Interest for
$2.21 Billion Reaffirms Commitment to the Value of Four Seasons Brand

Four Seasons Hotels and Resorts (PRNewsfoto/Four Seasons Hotels and Resorts)
NEWS PROVIDED BY

Four Seasons Hotels Limited
Sep 08, 2021, 08:34 ET

TORONTO, Sept. 8, 2021 /PRNewswire/ -- Four Seasons Hotels and Resorts
("Four Seasons" or "the Company"), the world's leading luxury hospitality
company, today announced that its longstanding shareholder, an affiliate of
Cascade Investment, L.L.C. (collectively, "Cascade"), has entered into a
definitive agreement to acquire a controlling interest in the Company. In
the all-cash deal, Cascade will increase its existing 47.5 percent stake to
71.25 percent by purchasing half of the existing 47.5 percent stake owned
by an affiliate of its long-term investment partner Kingdom Holding Company
("KHC") for $2.21 billion, valuing Four Seasons at a $10 billion enterprise
value. Four Seasons Founder and Chairman, Isadore Sharp, through Triples
Holdings Limited ("Triples Holdings") will retain his 5% stake.

Cascade's increased investment reflects its strong belief and excitement
for Four Seasons iconic brand. Along with its long-standing investment
partners, Cascade reaffirms its support for the vision and unique culture
that will further distinguish Four Seasons as one of the world's leading
luxury companies. The transaction marks a pivotal point in the evolution of
Four Seasons, strengthening Cascade's commitment to provide the Company
with resources to accelerate growth and expand its strategic goals. Cascade
first invested in Four Seasons in 1997 when the Company was public.

"As we mark our 60th anniversary and look back on the profound impact that
Four Seasons has had on luxury hospitality we also look forward with
tremendous excitement and confidence in the future of the industry," said
Four Seasons CEO John Davison. "The unwavering support and partnership of
our shareholders has and continues to be critical as we capitalize on
growing opportunities to serve luxury consumers worldwide."

"Our Company is at yet another key moment in its storied history and the
confidence of our shareholders in Four Seasons and our strategic vision
help position the iconic Four Seasons brand for continued success," Davison
said.

Sharp founded Four Seasons in 1960 and set the company on its path toward
global expansion. Four Seasons now manages 121 exceptional hotels and
resorts, and 46 world-class residential properties in 47 countries
complemented by a strong pipeline of more than 50 projects at various
stages of development. Four Seasons shareholders took the Company private
in 2007, executing a strategy that expanded new opportunities for guests,
residents, employees, and hotel owner partners worldwide. Today the Four
Seasons name is synonymous with a singular focus on luxury and highly
personalized service the world over.

Following the transaction and through its affiliate's ownership of its
23.75% in Four Seasons, KHC remains strongly committed to the Company and
looks forward to continuing to assist Four Seasons with its growth plans.

The sale is expected to close in January 2022, pending regulatory approvals
and the satisfaction of other customary closing conditions.

About Four Seasons Hotels and Resorts

Four Seasons Hotels and Resorts opened its first hotel in 1961, and since
that time has been dedicated to perfecting the travel experience through
continual innovation and the highest standards of hospitality. Currently
operating 121 hotels and resorts, and 46 residential properties in major
city centres and resort destinations in 47 countries, and with more than 50
projects under planning or development, Four Seasons consistently ranks
among the world's best hotels and most prestigious brands in reader polls,
traveller reviews and industry awards. For more information and
reservations, visit fourseasons.com. For the latest news, visit
press.fourseasons.com and follow @FourSeasonsPR on Twitter.

About Cascade Investment, L.L.C.

Cascade Investment, L.L.C. is a private investment entity that holds assets
of William H. Gates III.

About Kingdom Holding Company

Kingdom Holding Company is one of the world's most successful diversified
companies and is internationally renowned for its investments in both high
performance global companies and strategic regional interests. Founded in
1980 and based in Riyadh, Saudi Arabia, KHC has achieved almost four
decades of exceptional investment success and is renowned for its
diversified portfolio of global powerhouse brands and high performance
local regional investments. KHC was incorporated as a publicly listed
company in 2007.

Known as one of the largest investment firms in the world, KHC's
disciplined approach spans the globe and includes leading market segments
such as ride sharing, e-commerce, digital services and social media (Lyft,
Uber, Careem, JD.com, Twitter, Deezer), banking and financial services
(Citigroup, Saudi Fransi Bank).

KHC is also a global leader in luxury hotels and hotel management, with
ownership and significant interests in marquee properties such as the
George V in Paris and the Savoy Hotel in London and managing The Plaza in
New York via Fairmont. KHC's global hotel brands include the Four Seasons,
and the Accor Group (Fairmont, Raffles, Movenpick, Swissotel, and Sofitel).

In Saudi Arabia, KHC's real estate interests include the famed Kingdom
Tower in Riyadh and Jeddah Economic City owner of the highly anticipated
Jeddah Tower that, once completed, will be the tallest tower in the world
with a height exceeding 1000 meters, Kingdom oasis and the east of Riyadh
land.

KHC also has investments in petrochemicals (Tasnee NIC), education (Kingdom
Schools), health care (Kingdom Hospital), aviation (NAS Saudi Arabia),
private equity (CDC Sovereign Wealth Fund of France)، In addition to many
different investments in multiple domains.

Media Contacts:
Four Seasons Hotels and Resorts
Sarah Tuite
sarah.tuite at fourseasons.com

Cascade Investment, L.L.C.
Charles V. Zehren
czehren at rubenstein.com
212-843-8590

Kingdom Holding Company
Naief H. Al Zuhair
Media at kingdom.com.sa

SOURCE Four Seasons Hotels Limited
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