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$115M Buys Four Seasons Hotel Toronto

TORONTO-The 380-room luxury property goes to an affiliate of Kingdom Hotels International (Kingdom), an entity controlled by Saudi Arabian billionaire Alwaleed bin Talal and his family.

By Brian K. Miller | Updated on July 19, 2005

TORONTO-An entity controlled by Saudi Arabian billionaire Alwaleed bin Talal and his family has acquired the 380-room Four Seasons Hotel here from Maritz Wolff & Co. Industry sources tell GlobeSt.com the purchase price was $115 million.The 32-story hotel is considered one of the city’s finest. It is located in Toronto’s upscale Yorkville district and includes the high-end Truffles restaurant as well as 22,000 sf of meeting space and a 185-stall parking facility. Four Seasons has managed the hotel since 1978. Sonnenblick-Goldman Co. arranged the sale for Maritz Wolff. S-G managing director Mark Gordon says the property generated significant interest from international hotel buyers. S-G senior associate Mark Owens says two reasons for that are the quality of the asset and the rebounding Toronto market. Prince Alwaleed’s holdings include direct ownership interests in 25 hotels and resorts. Additionally in the hotel sector, he has significant hotel-related investments in three international hotel management companies: Four Seasons Hotels & Resorts, Fairmont Hotels & Resorts and Mövenpick Hotels & Resorts.Recently published news reports suggest Prince Alwaleed is planning to float his estimated $2 billion of hotel and media assets in Dubai and London over the next two years. Before the end of the year, he reportedly plans to sell shares in his Middle Eastern joint venture Kingdom Hotels Investment Group.

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