Hospitality sweethearts 14 February 2020 The couples who make working together and living together a love story
In this week's issue...Hospitality sweethearts The couples who make working together and living together a love story
Read More
Search
The Caterer

Four Seasons to go private after accepting £1.75b takeover bid

13 February 2007 by
Four Seasons to go private after accepting £1.75b takeover bid

Luxury hotel chain Four Seasons is to go private after accepting a $3.8b (£1.75b) takeover bid from Microsoft supremo Bill Gates and the Saudi billionaire Prince Alwaleed bin Talal.

The offer, made in November, has been approved by the Four Seasons board after scrutiny by three independent directors.

It will mean a $289m (£148m) windfall for Isadore Sharp, who founded the chain in 1960. He described the deal as "the best way to preserve and expand the long-term strategy, vision and core values of Four Seasons".

Once the takeover is completed, Sharp will retain a 10% stake in the company, while investment vehicles controlled by Gates and Prince Alwaleed will each have 45%.

Four Seasons has 74 hotels in 31 countries including two properties in London and one in Dublin.

This is not the first time Gates has entered the hotel market. His Cascade Investments vehicle bought the Buckinghamshire country hotel Cliveden in 1998 before selling it four years later.

Four Seasons blames foreign exchange loss for drop in earnings >>

Four Seasons hotel Milan sold to Statuto Group for record price >>

Four Seasons' UK boss named 2005 Hotelier of the Year >>

By Daniel Thomas

E-mail your comments to Daniel Thomas here.

Get your copy of Caterer and Hotelkeeper every week -

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!