Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), met with Four Seasons management, which included Isadore Sharp, founder and chairman of Four Season Hotels and Resorts at the Four Seasons Headquarters in Toronto.
The meeting was attended by Sarmad Zok, chairman and CEO of Kingdom Hotel Investments (KHI) and member of KHC’s board of directors; Shadi Sanbar, KHC’s executive director and CFO and member of the investment committee; Chuck Henry, president of Hotel Capital Advisor; Allen Smith, CEO Four Season Hotels and Resorts; Randy Jack, Cascade; Heba Fatani, senior executive manager, corporate communications department; Nahla Alanbar, private executive assistant to the chairman and Fahad bin Saad bin Nafel, executive assistant to the chairman.
During the meeting, Prince Alwaleed and the Four Seasons management discussed issues related to Four Seasons Hotels and KHC in addition to the latest developments. KHC holds a 47.5 percent stake in Four Seasons, while Cascade also holds a 47.5 percent stake, and 5 percent of the Four Seasons is owned by Isadore Sharp. The Four Seasons $3.8 billion acquisition deal by Prince Alwaleed and Bill Gates with Isadore Sharp was made in 2007.
KHC’s involvement with Four Seasons dates from 1994, when KHC acquired a minority interest via a private investment in a public equity transaction. KHC already had identified the company as a potential global leader in the luxury management segment and seized the opportunity to invest at a very attractive price. The investment provided access to a high-value range of brand and management skills to add value to the growing portfolio of luxury properties controlled by KHC and Kingdom Hotel Investments (KHI).
KHI launched an offer in 2006 to take Four Seasons private in partnership with Cascade and Triple Holdings, an investment vehicle for Isadore Sharp, the original founder of Four Seasons. The transaction was completed in 2010 with KHI and Cascade holding 45 percent each and 10 percent held by Triple Holdings. KHI is now wholly owned by KHC.
Source: Arab News