Bill Gates’ Cascade firm to buy stake in Alwaleed bin Talal’s 4-Seasons Hotels

Microsoft co-founder Bill Gates will acquire a controlling stake of the Four Seasons Hotel Group owned by Saudi Arabian Prince Alwaleed bin Talal, in a deal indicates that luxury travel will recover from the recession, caused by the outbreak of the Coronavirus epidemic.

Bill Gates’s Cascade Investment LLC, according to a statement issued by the company, will pay $2.2 billion in cash to increase its stake in Four Seasons Hotel Group to 71.25% from 47.5%.

The hospitality industry has incurred significant losses due to the sharp slowdown in global travel as the world struggles to stem the spread of COVID-19, which has had a negative impact on the sector.

Although vaccination campaigns have been instrumental in helping the leisure housing boom, luxury hotels still lag behind low-quality properties, according to data from STR.

According to Bloomberg, Alwaleed bin Talal and Bill Gates have known each other for decades. Four Seasons Group now manages 121 hotels and resorts and 46 residential properties in 47 countries and has more than 50 projects under development, according to the statement.