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FINANCIAL NEWS
Saudi KHC completes Toronto hotel acquisition for USD200m
17 Nov 2012
(MENAFN) Kingdom Holding Co (KHC), chaired by Saudi billionaire Prince Alwaleed bin Talal, has completed a transaction deal to buy the Four Seasons Toronto in Canada for USD200 million, Arabian Business reported.
The Four Seasons Hotel Toronto offers 259 luxury hotel guest rooms, including 42 suites, in Toronto’s Yorkville area.
The company said the acquisition was financed by a mortgage loan of USD130 million and USD70 million from the company’s own resources.
Kingdom Holding owns stakes in valuable global assets including News Corporation, Citibank, Twitter, Four Seasons Hotels, the Savoy Hotel in London, Disneyland Paris, Apple, The Plaza New York and George V Hotel in Paris.
The company is also backing development of the Kingdom City project in Jeddah, which will include Kingdom Tower, the tallest building in the world when complete.
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