The investment firm of Microsoft founder Bill Gates will take over a controlling majority in the Canadian luxury hotel chain Four Seasons. Cascade Investment will raise its stake to 71.25 from 47.5 percent. The Four Seasons said this in a statement on Wednesday. Four Seasons operates the hotel in an exposed location in Prague.
Cascade has agreed with Kingdom Holding Company, which belongs to Saudi Prince Valín bin Talal, to buy half of its stake in Four Seasons for $ 2.21 billion (47.5 billion crowns). The value of the chain is estimated at ten billion dollars. Gates’ Cascade first invested in Four Seasons in 1997.
Four Seasons operates more than 100 hotels worldwide. At the beginning of 2001, the company opened a luxury hotel on Prague’s Vltava embankment, which was its fiftieth at the time.
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