Riyadh, June 8: The Saudi Prince Alwaleed bin Talal Al Saud is seeking to sell Toronto’s landmark Four Season Hotel for almost Canadian $1 million ($780,000) a room. Reports suggest that the deal would be the highest price for a hotel in Canada, according to people familiar with the place. Also Read - Prince Alwaleed bin Talal, Saudi's Billionaire Prince Offers "Donation" to Settle Graft Case: Report
The Kingdom Holding Co. which is one of the biggest investment firm owned by the Saudi Prince that holds the Four Season Hotel, put it on the market this year, according to the people, who asked not to be identified. Also Read - Forces in Saudi Arab Intercept Houthi Ballistic Missile Over Riyadh
The Four Seasons building is currently operated by the staffs and authorities of Four Seasons, Cascade Investment. The company is expecting as much as C $250 million from the sale, report said. However there are no official comments from the Kingdom Holding and Cascade about the deal. Also Read - Saudi Arabia Lifts Ban Off The Silver Screen, Cinemas Will be Allowed From Early 2018
Sorya Gaulin, spokeswoman at the Four Seasons, said, “At Four Seasons Hotel Toronto we continue to welcome guests and patrons with the legendary service and attention to detail for which Four Seasons is known worldwide”. Read Also: (Saudi Prince Alwaleed bin Talal pledges entire 32 billion dollar fortune to charity)
In 2007 Kingdom Holding, Cascade and Sharp, the present owners of the Season Four Hotel purchased it for $3.8 billion including debt. Since then the hotel chain has been growing, and is nearing completion on its 99 property, Sharp said at an event in Toronto last week.
The property is managed by Four Seasons, but owned by Kingdom Holding, according to Sarmad Zok, chief executive officer of Kingdom Hotel
Investments. The offer is only for the hotel portion, with about 250 rooms.