Hotel Industry Destroyed By Outbreak, Bill Gates Even Buys Sultan's Four Season Shares

Hotel Industry Destroyed By Outbreak, Bill Gates Even Buys Sultan's Four Season Shares
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- Microsoft co-founder and tycoon Bill Gates officially took over his Four Seasons Hotels and Resorts through his Cascade Investment LLC after annexing half of Saudi Prince Alwaleed bin Talal's shares for $2.21 billion.

Quoted from Fox Business, the pandemic outbreak that greatly impacted the hospitality sector did not make Bill Gates through Cascade hesitant to acquire a 23.8% stake owned by the billionaire prince in the Four Seasons Hotel.

Bill Gates' holdings have risen to 71.3 percent. The hotel chain now has a value of USD10 billion (Rp142 trillion).

Through its official information, Four Season confirmed, Prince Alwaleed's ownership through his investment vehicle, Kingdom Holding Co. will continue to own the remaining shares.

Today, Kingdom Holding Co. has stakes in many companies such as Citigroup Inc and ride-hailing company Lyft Inc. For the past 10 years, his investment firm has been selling its stake in the hotel.

Separately, Kingdom Holding said it would use the cash proceeds from the divestment for future investments as well as repay some of the unpaid loans.

Cascade has not commented on the matter. Nevertheless, it was previously known that the company first invested in the Four Seasons in 1997.

Four Seasons Hotel & Resort is a hotel operator that manages 121 properties and has more than 50 projects. Four Seasons is owned by Cascade, Prince Alwaleed and hotel chain founder Isadore Sharp. It was reported that Sharp would retain its 5% stake as part of the deal.

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