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article imageSaudi prince's company to sell Four Seasons Hotel London

By dpa news     Nov 5, 2007 in Business
The Kingdom Holding Company owned by the Saudi Prince Walid bin Talal announced on Monday it has sealed a deal to sell the Four Seasons Hotel London for 147 million dollars.
The deal is part of a company drive to increase financial liquidity and to continue to monetize and extract value out of the company's hotel portfolio.
In early 2007, the company-owned Kingdom Hotels International together with Cascade Investment, the investment vehicle of Bill Gates, made a deal worth 3.7 billion dollars to buy Four Seasons Hotels Inc., which owns the London hotel.
Under the terms of the deal, the Four Hotels Inc. chaired by Isadore Sharp, who bought his first hotel in 1961 and expanded it into a worldwide empire, was made into a private company.
The Four Seasons Hotel London is in the Mayfair, an upmarket area in central London.
The Kingdom Holding Company, founded in 1980, has a diversified business portfolio. It owns stakes in Arab and international banks, such as US-based Citigroup.
It owns a giant TV production company and channels, Rotana Audio Visual Company. It also has stakes in News Corporation and Disneyland Paris, among others.
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