Four Seasons Toronto Put On Market By Saudi Prince

Four Seasons Toronto, a renowned luxury hotel in the city’s downtown area has been put up for sale could possibly fetch about $250 million, making it one of the most expensive deals ever for a hotel in Canada, according to two sources.

Saudi billionaire Prince Alwaleed bin Talal owns Kingdom Holding Co, an investment group to which the hotel belongs to.

The anonymous sources familiar with the process disclosed that the sale price will most likely be in the range of $200 million to $250 million.

The Four Seasons Toronto is a property with high demand and is expected to draw buyers from the world over. Bidders may just include rich individuals, hotel chains, and private equity firms.

The weakness of the Canadian dollar with its increasing interest from international buyers wishing to have several holding with Canadian assets, majorly real estate has affected the decision to sell the hotel.

Early last year, Canada’s KingSett Real Estate Growth LP and InnVest REIT purchased 80 percent of an iconic downtown Toronto hotel, the Fairmont Royal York Hotel for $186.5 million.

The Four Seasons parent company, in 2007, went private resulting in Kingdom Holding and Bill Gates’ Cascade Investment Management acquiring most of the company.

Four Seasons has about 100 properties in about 41 countries.

A section of Kingdom Holdings called Kingdom Hotel Investments has its eyes on luxury properties and owns hotels such as the Plaza in New York and the Savoy in London.

Four Seasons Hotel Toronto is found in the city’s urban Yorkville neighborhood and has 259 guest rooms. It is known for hosting celebrities who visit during the Toronto International Film Festival.

It has been in operation since 2012.