Warwick Hotels & Resorts (WHR) has opened its first property in Canada with Warwick Le Crystal – Montréal.
Cascade to acquire controlling interest of Four Seasons
Four Seasons Hotels and Resorts longstanding shareholder, an affiliate of Cascade Investment, L.L.C. has entered into a definitive agreement to acquire a controlling interest in the company.
Four Seasons Hotels and Resorts longstanding shareholder, an affiliate of Cascade Investment, L.L.C. 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 per cent stake to 71.25 per cent by purchasing half of the existing stake owned by Kingdom Holding Company for $2.21 billion. Four Seasons founder and chairman, Isadore Sharp, through Triples Holdings Limited will retain his 5 per cent stake.
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," says 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."
The sale is expected to close in January 2022, pending regulatory approvals and the satisfaction of other customary closing conditions.