Kingdom Hotels International, owned by Saudi Prince Alwaleed bin Talal, alongside Bill Gates’ Cascade Investment, has bid for the Four Seasons hotel group.
Isadore Sharp, the founder of the Canadian hotel group, is also a part of the bid through his family holding company Triples Holdings, a report by Reuters announced.
The bid is for about $82 (GBP43) a share and values the company at over $3.7bn (GBP1.9bn).
According to Reuters Knowledge Prince Alaweed”s Kingdom Hotels already has a 23% stake in the Four Seasons hotel group, with Cascade owning 8.2%. The deal will be the second takeover of a major Canadian hotel chain by Kingdom Hotels this year, as the Prince bought Fairmont Hotels & Resorts in January for a reported $3.9bn (GBP2bn).
If the deal goes through Sharp’s Triple Holdings will still own 10% of the hotel chain, with the remaining 90% split equally between Kingdom Hotels and Cascade Investment.