We have spoken enough about Bill Gates’s divorce to his wife of 27-years, Melinda Gates. Man and wife have both achieved way too much in life to be defined by their divorce. Today the discussion is on his newest achievement. Bill Gates’s Cascade Investment LLC has bought about half of Saudi Arabian Prince Alwaleed bin Talal’s stake in the Four Seasons Hotels and Resorts. Gates stakes have risen from 47.5% to 71.25%. Gates and Alwaleed have been associates for a long time now; they led the show when Four Season’s shareholders took the company private in 2007 and are also partners in several charitable works.
The Four Seasons luxury chain now manages 121 hotels and resorts, 46 residential properties and has more than 50 projects under development. With Cascade acquiring half of the billionaire prince’s stake in Four Seasons, the valuation of the hotel chain stands at a whopping $10 billion today. Through investment vehicle Kingdom Holding Co (4280.SE), Prince Alwaleed will continue to own the remaining stake, Four Seasons said in a statement. The wealthy prince owns high stakes in companies such as Citigroup Inc (C.N) and ride-hailing firm Lyft Inc (LYFT.O). For the last ten years, his investment firm has been selling its stakes in hotels, and long-time friend Gates came to his aid this time.
Michael Larson, Gates’s money manager who runs Cascade, first invested in Four Seasons in 1997, when it was publicly traded. The money manager must be smiling from ear to ear!
[Via – Reuters]
