(MENAFN - Arab News) Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, has announced the sale of its Four Seasons Hotel Toronto Canada for of C142.5 million.
Prince Alwaleed commented: "These transactions mark yet another step for KHC toward the realization of the value of its investments."
Sarmad Zok, chairman and CEO of Kingdom Hotel Investments and member of KHC's board of directors, said: "The sale of the former Four Seasons Hotel Toronto marks another step in the Kingdom's long-term support of the brand in this key global gateway market as we prepare for the opening later this summer of the brand's newest flagship property, the Four Seasons Hotel and Residences Toronto."
KHC is considered one of the largest foreign investor in Canada through its investments in Four Seasons and also Fairmont Raffles Hotels International (FRHI). KHC holds a 47.5 percent stake in Four Seasons, while Cascade also holds a 47.5 percent stake, and Isadore Sharp owns 5 percent of the Four Seasons. The Four Seasons US 3.8 billion acquisition deal by Prince Alwaleed and Bill Gates with Isadore Sharp was made in 2007.
In addition, Prince Alwaleed is invested in the banking sector in Canada through Kingdom Holding's stake in Citigroup.