Riyadh-Kingdom Holding Company that is led by Prince Alwaleed bin Talal has sold its share in the luxury Four Seasons hotel in Toronto for $172 million, it said on Sunday.
Kingdom Holding Company said it sold the hotel to the family of Shahid Khan, the businessman who founded auto parts maker Flex-N-Gate and owns English Premier League club Fulham.
“This transaction marks yet another success for KHC’s value realization strategy from our high-quality hospitality investments,” said Prince Alwaleed.
“We are particularly pleased to be passing ownership of this property to Mr. Shahid Khan who is known for his passion for the Four Seasons brand,” he said in a statement.
“Kingdom continues to be a stakeholder in this asset through our interest in the management company Four Seasons Hotels and Resorts which will continue to operate the hotel,” he added.