DUBAI (Reuters) - Saudi Arabia’s Kingdom Holding (4280.SE), the investment firm owned by billionaire Prince Alwaleed bin Talal, said on Sunday it had sold the Four Seasons Hotel Toronto for a gross price of 225 million Canadian dollars ($171.8 million).
The property was sold to family investment vehicles related to Shahid Khan, Pakistani-American founder of automobile parts maker Flex-N-Gate Group and owner of the Jacksonville Jaguars American football team and London’s Fulham Football Club.
The sale occurred as a weak Canadian dollar increases interest among foreign investors eager to diversify their holdings with Canadian assets including real estate.
Canada’s KingSett Real Estate Growth LP and InnVest REIT INN_u.TO bought 80 percent of another iconic downtown Toronto hotel, the Fairmont Royal York Hotel, for C$186.5 million early last year.
Four Seasons Hotels and Resorts, in which Kingdom Holding owns 47.5 percent alongside a similar stake held by Bill Gates’ Cascade Investment, will continue to operate the Four Seasons Toronto.
Reporting by Andrew Torchia; Editing by Toby Chopra