TORONTO—Four Seasons Hotels and Resorts (Four Seasons), a luxury hospitality company, announced that its longstanding shareholder, an affiliate of Cascade Investment, L.L.C. (Cascade), 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 percent stake to 71.25 percent by purchasing half of the existing 47.5 percent stake owned by an affiliate of its long-term investment partner Kingdom Holding Company (KHC) for $2.21 billion, valuing Four Seasons at a $10 billion enterprise value. Four Seasons Founder and Chairman, Isadore Sharp, through Triples Holdings Limited (Triples Holdings) will retain his 5 percent stake.
Cascade’s increased investment reflects its belief in and excitement for the Four Seasons brand. Along with its investment partners, Cascade supports the vision and culture that Four Seasons has. The transaction marks a pivot in the evolution of Four Seasons, strengthening Cascade’s commitment to provide the company with resources to grow 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,” said 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.”
“Our company is at yet another key moment in its storied history and the confidence of our shareholders in Four Seasons and our strategic vision help position the iconic Four Seasons brand for continued success,” Davison added.
Sharp founded Four Seasons in 1960 and set the company on its path toward global expansion. Four Seasons now manages 121 hotels and resorts and 46 residential properties in 47 countries with a pipeline of more than 50 projects at various stages of development. Four Seasons shareholders took the company private in 2007, executing a strategy that expanded new opportunities for guests, residents, employees, and hotel owner partners worldwide.
Following the transaction and through its affiliate’s ownership of its 23.75 percent in Four Seasons, KHC remains strongly committed to the company and looks forward to continuing to assist Four Seasons with its growth plans.
The sale is expected to close in January 2022, pending regulatory approvals and the satisfaction of other customary closing conditions.
