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Saudi Prince, Alwaleed bin Talal sells Four Seasons hotel Toronto in $170m mega-deal

Sophia Soltani by Sophia Soltani
October 3, 2016
in News
A A

Saudi billionaire, Prince Alwaleed bin Talal’s company has sold the luxury Four Seasons hotel in Toronto for $170 million.

urbantoronto-134-2856

The Kingdom Holding Company said that it sold the hotel for 225 million Canadian dollars to Shahid Khan, the Pakistani-American businessman who founded auto parts maker Flex-N-Gate and owns English Premier League club Fulham.

KHC said it had made a profit of 17 million Canadian dollars from the sale of the hotel, which it bought four years ago for 200 million Canadian dollars.

“This transaction marks yet another success for KHC’s value realisation strategy from our high-quality hospitality investments,” said Prince Alwaleed.

“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,” he said in a statement.

“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.”

Prince Alwaleed owns 95% of KHC, a vast global investor with shares in the Euro Disney theme park, Apple, News Corporation and the US banking giant, Citigroup.

The company also owns a string of luxury hotels including the George V in Paris.

Tags: Four SeasonsFour Seasons CanadaFour Seasons DIFCFour Seasons hotel Torontofour seasons hotels & resortshospitalityhospitality industryHotelHotel NewsHotel News MEHotelsjumeirahKingdom Holding CompanyKingdom Holding Company Saudimarriottmiddle eastmiddle east new hotelsnew hotelsnewsPrince Alwaleed bin TalalrestaurantsSaudi ArabiaSaudi billionaireSaudi hotelsSaudi PrinceToronto hotelsuaeUAE hotels

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