The formal structure of the bidding entity consists of Isadore Sharp and Triples Holdings Ltd, which is the controlling shareholder of Four Seasons; Kingdom Hotels International, which is owned by a trust created by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud; and Cascade Investment, which is owned by Microsoft chief Gates. The team is looking to take on the outstanding limited voting shares of the company, Four Seasons management revealed in a statement. The offered price represents a 28.4% premium over the Nov. 3 closing of those shares on the New York Stock Exchange.
"If the transaction is completed," the statement continued, "Triples would hold approximately 10% of the shares of Four Seasons (through a separate class of special voting shares), with the balance of the shares of the company split equally between Kingdom and Cascade." Sharp would retain his title as chairman and CEO, and the firm would retain its local headquarters base.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
