Kingdom Holding Company KHC) , the investment firm chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, announced the sale of its Four Seasons Hotel Toronto Canada for In a statement released by the Riyadh-based company today, Alwaleed said: "These transactions mark yet another step for Kingdom Holding Company(KHC) towards the realisation of the value of its investments."
In April, the company reported its first quarter net profit rose by 11.3 percent year-on-year to SAR100.8m (US$26.88m).
Comrost-Felcorp Inc. has bought the building, with plans to use their renovation expertise, add a glass base with restaurants and shops and the 380 former hotel rooms into 490 condos .
Mr. Sarmad Zok, Chairman and CEO of Kingdom Hotel Investments and Member of Kingdom Holding KHC 's Board of Directors commented: "The sale of the former Four Seasons Hotel Toronto marks another step in Kingdom's long-term support of the brand in this key global gateway market, as we prepare for the opening later this summer of the brand's newest flagship property, the Four Seasons Hotel and Residences Toronto."
Kingdom Holding Company(KHC) is the largest foreign investor in Canada.
In 1994 an intial Investment of $120 million in to acquire 22% of the Four Seasons Hotels Inc, a Canadian luxury hotel chain.
In January 2006, in partnership with the U.S. real estate firm Colony Capital, Kingdom Holding company (KHC) acquired Toronto based Fairmont Raffles Hotels International (FRHI) for an estimated $3.9 billion.
In 2007, the Board of Directors of Four Seasons jointly agreed to the US$ 3.8 billion acquisition deal by Prince Alwaleed and Bill Gates with Isadore Sharp. Kingdom Holding KHC holds a 47.5% stake in Four Seasons, while Bill Gates Cascade also holds a 47.5% stake, and 5% of the Four Seasons is owned by Isadore Sharp. Alwaleed also has investment in the banking sector in Canada through Kingdom Holding’s stake in Citigroup.
In a statement released by the Riyadh-based company today, Alwaleed said: "These transactions mark yet another step for Kingdom Holding Company (KHC) towards the realisation of the value of its investments."
Kingdom Holding Company (KHC) is one of the world’s largest and most diversified private investment companies, with holdings in a large number of Saudi Arabian, Middle Eastern and international companies.
Kingdom Holding Company (KHC) is also involved in the development of the Kingdom Tower in Jeddah, which will be the tallest building in the world when completed.
The Prince is the richest man in Saudi Arabia and listed on the Forbes Rich List 2012 as number 29 on the list of the world's billionaires. In addition to his vast wealth Prince Alaweed is well known for his philanthropy.
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