Saudi Prince's Investment Company Sells Toronto Four Seasons Hotel
October 02 2016 - 9:40PM
Dow Jones News
Kingdom Holding, the investment company owned by Saudi Prince
al-Waleed bin Talal, has sold the Four Seasons Hotel in Toronto for
225 million Canadian dollars ($171.3 million) to a family-owned
business, it said Sunday.
The buying entities are tied to Pakistani-American businessman
Shahid Khan, a car-parts magnate and owner of the Jacksonville
Jaguars NFL franchise and London's Fulham Football Club.
Kingdom Holding made a profit of C$17 million from the sale of
the luxury hotel, the company said in a brief statement posted on
the Saudi stock exchange website.
Profit from the sale, which was completed on Sept. 30, is
expected to be reflected in the company's third-quarter results,
Kingdom said.
Prince al-Waleed owns the majority of Kingdom Holding, which
invests in a diverse set of industries, including real estate,
health care and hotels.
The company is focused on acquiring high-value real estate such
as luxury hotels globally. Its strategy, which includes restoring
and upgrading premier properties, such as New York's Plaza Hotel,
London's Savoy Hotel and the Four Seasons George V Hotel in Paris,
delivers consistently excellent long-term returns, Kingdom Holding
says on its website.
The firm also owns shares in international companies including
Apple Inc., social media company Twitter Inc. and News Corp., the
parent company of The Wall Street Journal.
Kingdom Holding in July reported a 22% fall in second-quarter
net profit as income from associates and dividends declined, while
finance charges and general and administrative costs increased.
Write to Dahlia Kholaif at dahlia.kholaif@wsj.com
(END) Dow Jones Newswires
October 02, 2016 21:25 ET (01:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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