RIYADH: Saudi billionaire Prince Alwaleed bin Talal’s company has sold the luxury Four Seasons hotel in Toronto for $170 million to Pakistani-American businessman Shahid Khan, it said on Sunday.
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.
“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.
“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.