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Friday, September 30, 2016

Saudi billionaire sells Toronto Four Seasons to Pakistani-American

Sun Oct 2, 2016 | 7:36 AM EDT Saudi's Kingdom Holding sells Four Seasons Toronto for C$225 million Saudi's Kingdom Holding sells Four Seasons Toronto Saudi Arabia's Kingdom Holding 4280.SE, the investment firm owned by billionaire Prince Alwaleed bin Talal, said on Sunday it had sold the Four Seasons Hotel Toronto for a gross price of 225 million Canadian dollars ($171.8 million). The property was sold to family investment vehicles related to Shahid Khan, Pakistani-American founder of automobile parts maker Flex-N-Gate Group and owner of the Jacksonville Jaguars American football team and London's Fulham Football Club. The sale occurred as a weak Canadian dollar increases interest among foreign investors eager to diversify their holdings with Canadian assets including real estate. ADVERTISEMENT . Canada's KingSett Real Estate Growth LP and InnVest REIT INN_u.TO bought 80 percent of another iconic downtown Toronto hotel, the Fairmont Royal York Hotel, for C$186.5 million early last year. Four Seasons Hotels and Resorts, in which Kingdom Holding owns 47.5 percent alongside a similar stake held by Bill Gates’ Cascade Investment, will continue to operate the Four Seasons Toronto. (Reporting by Andrew Torchia; Editing by Toby Chopra) ===================== Saudi billionaire sells Toronto Four Seasons to Pakistani-American By AFP Published: October 2, 2016 73 SHARES Share Tweet Email Kingdom Holding Company sold the hotel for 225 million Canadian dollars to Shahid Khan. PHOTO: REUTERS Kingdom Holding Company sold the hotel for 225 million Canadian dollars to Shahid Khan. PHOTO: REUTERS Kingdom Holding Company sold the hotel for 225 million Canadian dollars to Shahid Khan. PHOTO: REUTERS PHOTO: Reuters . RIYADH: Saudi billionaire Prince Alwaleed bin Talal’s company has sold the luxury Four Seasons hotel in Toronto for $170 million, it said on Sunday. Inside the world’s most expensive hotel suite Kingdom Holding Company said it sold the hotel for 225 million Canadian dollars (152 million euros) 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. Saudi billionaire prince trolls Trump on Twitter “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. 30 months on, Saudi $1.5b gift to Pakistan unspent “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 percent 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.

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