ATLANTA—Cascade Investment, the private investment arm of Microsoft chairman Bill Gates, has snapped up yet another Four Seasons. The Four Seasons Hotel Atlanta is the firm’s second in recent weeks.
Cascade is buying the asset from Host Hotels & Resorts, which has owned it since 1998. Host said Thursday it had sold the asset for $62 million.
Opened in 1997, Four Seasons Hotel Atlanta is in a prime midtown location. The hotel is listed in US News and World Report’s exclusive Best Hotels in the USA and is Forbes Travel Guide’s only five star Atlanta hotel.
“Four Seasons Hotel Atlanta is a spectacular landmark property hotel in one of the strongest growth markets in the U.S.,” says Michael Larson, Chief Investment Officer of Cascade. “This is the second Four Seasons hotel we have acquired this quarter, reflecting our confidence in the Four Seasons Hotels and Resorts management and enduring brand value.”
The Four Seasons Atlanta offers 244 hotel rooms, including 18 luxury suites, occupying the first 19 floors of a 54-story tower. The hotel also features a 7,790-square-foot private spa and fitness center and two restaurants. The hotel is less than one mile from Atlanta’s top tourist destinations, including the High Museum of Art, Piedmont Park, Botanical Garden and Fox Theatre, and world class shopping.
The transaction also includes the acquisition of 99,000 square feet of office space in the tower. nder the new ownership, Four Seasons Hotel Atlanta will continue to be managed by Toronto-based Four Seasons Hotels and Resorts. Long-term shareholders Cascade, Kingdom Holding Company, and Triples Holdings own the management company.
In September, Cascade bough the Four Seasons Houston. “We have great faith in Houston, particularly with its strong role in the global energy business,” says Larson. “With new leadership at Four Seasons Hotels & Resorts “along with the enduring value of the Four Seasons brand, we see a compelling real estate investment opportunity here.”