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September 08, 2021Bill Gates bets on the resumption of luxury tourism and takes control of the five-star hotel chain Four Seasons. Cascade Investment, the company that manages Gates' fortune, has in fact reached an agreement with Kingdom Holdings, the investment company headed by the Saudi billionaire prince Alwaleed Bin Talal, to take over half of the stake for 2.21 billion dollars.
With the share purchased, Gates thus rises to over 71.25% of the prestigious hotel chain from the previous 47.5%. The deal is expected to close in January, pending regulatory approvals and other customary closing conditions.
The transaction follows the divorce between Bill Gates and Melinda French Gates, details of which are unknown in the asset division. Cascade however continues to manage Gates' fortune, but also part of the financial endowment of the Gates Foundation, the charity giant the former couple founded in 2000.
Cascade and Kingdom Holdings joined forces in 2007 to purchase a stake in the Four Seasons: each acquired 47.5% for a total of $ 3.8 billion. The remaining 5% of the company remains in the hands of Isadore Sharp, founder of the luxury hotel chain.
The pandemic has hit the hospitality industry hard, forcing hotels into prolonged closures. The spread of the Delta variant is now complicating its reopening: according to a survey by the American Hotel & Lodging Association, many Americans - 42% of the 2,200 surveyed - canceled their vacation plans in mid-August and currently have no plans. to reprogram them.