Cascade Investment will raise its stake to 71.25 from 47.5 percent. The Four Seasons said this in a statement on Wednesday. Four Seasons operates the hotel in an exposed location in Prague.
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Cascade has agreed with Kingdom Holding Company, which belongs to Saudi Prince Valín bin Talal, to buy half of its stake in Four Seasons for $ 2.21 billion (47.5 billion crowns).
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The value of the chain is estimated at ten billion dollars. Gates’ Cascade first invested in Four Seasons in 1997.
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Four Seasons operates more than 100 hotels worldwide. At the beginning of 2001, the company opened a luxury hotel on Prague’s Vltava embankment, which was its fiftieth at the time.
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