Exclusive: Saudi prince puts Four Seasons Toronto up for sale - sources
By John Tilak
TORONTO (Reuters) - The Four Seasons Toronto, a luxury hotel in the city's downtown, is up for sale and could fetch as much as C$250 million ($193 million), in what would be one of the most-expensive deals ever for a hotel in Canada, two sources familiar with the process said.
The hotel belongs to Kingdom Holding Co (4280.SE: Quote), an investment group owned by Saudi billionaire Prince Alwaleed bin Talal.
The sale price will likely be in the range of C$200 million to C$250 million, said the sources, who declined to be identified because they are not authorized to discuss the process.
The Four Seasons Toronto is a highly sought-after property, and is expected to attract buyers around the world. Bidders may include hotel chains, private equity firms and rich individuals, the sources said.
The decision to sell the hotel comes as a weak Canadian dollar increases interest from foreign buyers eager to diversify their holdings with Canadian assets, including real estate.
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.
In 2007, the Four Seasons parent company went private in a deal that saw Kingdom Holding and Bill Gates' Cascade Investment Management acquire most of the company. Four Seasons has close to 100 properties in about 41 countries.
A unit of Kingdom Holdings called Kingdom Hotel Investments focuses on luxury properties, and owns hotels such as the Plaza in New York and the Savoy in London, according to its website. Continued...